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A Michael Pettis analysis argues that Beijing may use renminbi depreciation as one of its few responses to US trade threats. The RMB has fallen about 4% against the dollar in two weeks.
The report concludes that sustained depreciation would damage China's economy more than the US, so a prolonged slide is unlikely.
The view that China will limit yuan weakness suggests the currency may not keep eroding Chinese import purchasing power for US feed ingredients. This makes a sharp, lasting drop in the yuan less likely to drive further price pressure.
globalsourcepartners.comMichael Pettis28 jun 2018Tras 169 eventos neutral de macro pasados, Yuan chino (CNY por USD) se movió una mediana de +0,0 % en 5 sesiones (50% al alza; mitad central entre -0,3 % y +0,2 %), 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.
