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According to Goldman Sachs, China's central bank changed its yuan fixing mechanism after the US presidential election to support a stronger currency. The move was made as capital outflows grew and President-elect Trump threatened protectionist trade policies.
A deliberate change in fixing practice signals state intervention to stabilize the yuan, which reduces the odds of a sharp devaluation that would hit Chinese import demand. Trade-policy threats also keep US-China export flows uncertain.
bloomberg.comYe Xie9 ene 2017Tras 50 eventos bajista de política pasados, Yuan chino (CNY por USD) se movió una mediana de -0,1 % en 5 sesiones (46% al alza; mitad central entre -0,4 % y +0,4 %), y -0,0 % en 20.
Variaciones de la referencia de cada materia prima desde el último cierre antes del evento. Las lecturas históricas agrupan eventos pasados del mismo tipo; describen lo ocurrido, no lo que ocurrirá. No es asesoramiento de inversión.
Goldman noted the PBOC fixing mechanism was geared toward a stronger currency, a policy signal that anchored yuan strength.
