# USD/CNY slips its anchor, global FX follows | articles | ING THINK

> USD/CNY broke away from its anchor near 6.70 after President Trump's China tweets raised fears of a serious trade escalation. Global FX currencies were dragged along as markets reassessed trade-deal odds ahead of a Friday tariff deadline.

- Date: 2019-05-08 · published 2019-05-08T12:00:00.000Z
- Category: trade · region China · magnitude medium
- Page: https://feedsoft.ai/events/10427-usd-cny-slips-its-anchor-global-fx-follows-articles-ing-think
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

A weaker yuan and risk-off FX moves tend to pressure dollar-priced commodity demand from China and raise uncertainty for soybean and grain export flows.

## Read by commodity

- SOY: bearish ▼
- CORN: bearish ▼
- USDCNY: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| USDCNY | 2019-05-09 | 1 | +0.6% | 3.4 | Trump's China tweets on 2019-05-08 pushed USD/CNY off its anchor near 6.70 on trade escalation fears, a sentiment-driven yuan weakening that directly precedes the 0.65% move. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2020-01-21 | [WATCH: Renminbi rises 0.5% against the US dollar, causing optimism amongst global investors](https://feedsoft.ai/events/7878-watch-renminbi-rises-0-5-against-the-us-dollar-causing-optimism-amongst-global.md) | +0.8% | +2.0% |
| USDCNY | 2021-10-26 | [China's yuan inches higher after Sino-US talks - Markets - Business Recorder](https://feedsoft.ai/events/44775-china-s-yuan-inches-higher-after-sino-us-talks-markets-business-recorder.md) | +0.2% | +0.1% |
| USDCNY | 2020-02-05 | [Yuan jumps to 2-week high as Beijing cuts tariffs on some US goods - The Business Times](https://feedsoft.ai/events/5136-yuan-jumps-to-2-week-high-as-beijing-cuts-tariffs-on-some-us-goods-the-business.md) | -0.5% | -1.1% |
| USDCNY | 2018-12-03 | [US-China trade war truce dings dollar; Aussie, yuan advance](https://feedsoft.ai/events/6921-us-china-trade-war-truce-dings-dollar-aussie-yuan-advance.md) | -0.7% | -1.2% |
| USDCNY | 2025-05-06 | ['Asian crisis in reverse' as currencies soar on the dollar](https://feedsoft.ai/events/9618-asian-crisis-in-reverse-as-currencies-soar-on-the-dollar.md) | -0.9% | -1.1% |
| SOY | 2019-06-24 | [China's farm imports from US dive from Jan to May - Global Times](https://feedsoft.ai/events/58480-china-s-farm-imports-from-us-dive-from-jan-to-may-global-times.md) | -0.3% | -1.6% |
| SOY | 2025-10-27 | [Global Ag News For Oct 27.2025 - ADM Investor Services](https://feedsoft.ai/events/4785-global-ag-news-for-oct-27-2025-adm-investor-services.md) | +5.6% | +8.0% |
| SOY | 2024-02-08 | [US farm exports hit three-year low in 2023 as China slows buying](https://feedsoft.ai/events/14771-us-farm-exports-hit-three-year-low-in-2023-as-china-slows-buying.md) | -1.6% | -2.7% |

## Sources

- think.ing.com: https://think.ing.com/articles/usd-cny-slips-its-anchor-global-fx-follows/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.