USD/CNY slips its anchor, global FX follows

After 22 past bearish trade events, Chinese Yuan (CNY per USD) moved a median -0.1% over 5 sessions (41% higher; middle half -0.7% to +0.3%), and -0.3% over 20.

• Jan 21, 2020WATCH: Renminbi rises 0.5% against the US dollar, causing optimism amongst global investors+0.8%
• Oct 26, 2021China's yuan inches higher after Sino-US talks - Markets - Business Recorder+0.2%
• Feb 5, 2020Yuan jumps to 2-week high as Beijing cuts tariffs on some US goods - The Business Times-0.5%
• Dec 3, 2018US-China trade war truce dings dollar; Aussie, yuan advance-0.7%
• May 6, 2025'Asian crisis in reverse' as currencies soar on the dollar-0.9%

After 803 past bearish trade events, Soybeans moved a median +0.0% over 5 sessions (51% higher; middle half -1.7% to +1.7%), and +0.9% over 20.

• Jun 24, 2019China's farm imports from US dive from Jan to May - Global Times-0.3%
• Oct 27, 2025Global Ag News For Oct 27.2025 - ADM Investor Services+5.6%
• Feb 8, 2024US farm exports hit three-year low in 2023 as China slows buying-1.6%
• Apr 21, 2025U.S.-China trade war 2.0: What are the implications for global oilseed markets? | IFPRI+1.3%
• Apr 17, 2018China tariffs spark shake-up of global soybean trade flows-2.0%

After 683 past bearish trade events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and +0.3% over 20.

• Jun 13, 2024Falling demand for wheat and corn in China could crash global markets-2.1%
• Jun 1, 2024Impacts of Mexico’s Proposed GMO Ban for US and Global Corn Trade-1.6%
• Jun 12, 2023Global Ag News for June 12.23 - ADM Investor Services+6.8%
• Feb 8, 2024US farm exports hit three-year low in 2023 as China slows buying-1.4%
• Jul 2, 2020Global Sales of U.S. Ethanol and DDGS Contract in May+0.9%