22 September 2025 Asian FX Focus: RMB Currencies At a critical level The USD-CNY fixing fell quite steadily after the 12 May trade truce but has stalled at 7.10-7.11 since late August. We can think of a few inter-related reasons. These factors together mean that another leg lower in the USD-CNY fixing could require a fresh catalyst, such as: the DXY index sees downward momentum again, concrete progress is made on US-China tariff issues, there are material USD sales by exporters and net capital inflows to ma ...

Deutsche Bank Research Asia Fixed Income Asia Macro Strategy Notes CCS monitor: Your top 3 CNH CCS questions answered Asia CCS updates With Asia approaching the August 1st tariff deadline, the CCS market exhibited mixed performance over the past two weeks. Figure 1:The decline in CCS fixed rates are mostly driven by IRS rally c w bps Ne hange over last tw ee 5Y Xccy basis* 5Y IRS 5Y CCS* t o ks SGD MYR IDR PHP INR KRW THB CNH 15 10 5 0 -5 -10 -15 -20 Source :Deutsche Bank, Bloomberg Finance LP; Note: *We co ...