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The yuan surged to a near seven-month high against the dollar, strengthening through 6.8 per dollar for the first time since November. The People's Bank of China pushed the reference rate up 0.8%, its second largest one-day appreciation since 2005.
Traders attributed the move to a show of strength after the Moody's downgrade or a planned fixing mechanism change.
A firmer yuan signals that Beijing will resist depreciation, which supports Chinese import purchasing power for feed commodities. The central bank's intervention also reduces near-term currency risk for dollar-denominated feed trade.
businesstimes.com.sg31 may 2017
gulf-times.comReuters/Shanghai1 jun 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.
The PBOC set a reference rate 0.8% stronger, its second largest one-day appreciation since 2005, directly moving the yuan through 6.8 per dollar.
