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The onshore yuan weakened on the first trading day of 2017 after the PBOC cut its fixing by the largest amount in two weeks. The currency had fallen 6.6% in 2016, its worst annual performance in more than two decades.
A weaker yuan raises the cost of dollar-priced imports for China, which can soften Chinese feed demand at the margin.
scmp.comLaura HeJan 3, 2017After 398 past bullish macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (56% higher; middle half -0.3% to +0.5%), and +0.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
