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The yuan rose sharply against the dollar on Thursday, with the onshore currency gaining more than 500 pips, its biggest move in eight months. The official spot closing rate reached 7.2203, its strongest level in over two months.
The move followed expectations of Fed rate cuts and continued PBOC support for the exchange rate.
A firmer yuan and weaker dollar reduce the local-currency cost of dollar-priced imports, which can support Chinese buying of feed commodities. The dollar's softness is generally supportive for dollar-denominated grain prices.
caixinglobal.comZhang Yukun, Wang Shiyu26 jul 2024Tras 362 eventos bajista de macro pasados, Yuan chino (CNY por USD) se movió una mediana de -0,1 % en 5 sesiones (42% al alza; mitad central entre -0,4 % y +0,1 %), y -0,2 % en 20.
Tras 1637 eventos bajista de macro pasados, Dólar estadounidense (amplio) se movió una mediana de -0,2 % en 5 sesiones (39% al alza; mitad central entre -0,6 % y +0,3 %), y -0,2 % 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.
The onshore yuan jumped over 500 pips on Thursday (its biggest move in eight months) as the dollar weakened on Fed cut expectations and PBOC support, which matches the large -0.43% USD/CNY move; the article is dated a day later but describes the same session.
