# Morning Bid: China supports, peak rate haze

> China is struggling to support its economy with monetary policy alone, and that approach is undermining the currency. Authorities signalled displeasure at further yuan weakness by lifting official daily fixing targets.

- Date: 2023-06-27 · published 2023-06-27T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/10489-morning-bid-china-supports-peak-rate-haze
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

Official support for the yuan signals Beijing's concern about capital outflows and slowing growth, which can temper expectations for Chinese import demand for feed ingredients.

## Read by commodity

- USDCNY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2026-07-31 | [China’s offshore yuan hits 3-year high as Beijing signals policy support \| South China Morning Post](https://feedsoft.ai/events/18569-china-s-offshore-yuan-hits-3-year-high-as-beijing-signals-policy-support-south.md) | -0.1% | -0.5% |
| USDCNY | 2024-08-05 | [As stock sell-off sweeps Asia, China’s yuan surges as US rate cuts loom \| South China Morning Post](https://feedsoft.ai/events/7430-as-stock-sell-off-sweeps-asia-china-s-yuan-surges-as-us-rate-cuts-loom-south.md) | +0.1% | -1.0% |
| USDCNY | 2022-12-01 | [US dollar strength has ‘reached peak’, China’s central bank says, as Fed considers scaling back rate hikes \| South China Morning Post](https://feedsoft.ai/events/6579-us-dollar-strength-has-reached-peak-china-s-central-bank-says-as-fed-considers.md) | -1.7% | -1.8% |
| USDCNY | 2017-11-02 | [People's Bank of China seen supporting yuan around Trump visit](https://feedsoft.ai/events/68225-people-s-bank-of-china-seen-supporting-yuan-around-trump-visit.md) | +0.3% | +0.2% |
| USDCNY | 2018-04-01 | [Regulator warns Chinese not to ‘gamble’ on yuan exchange rate \| South China Morning Post](https://feedsoft.ai/events/65714-regulator-warns-chinese-not-to-gamble-on-yuan-exchange-rate-south-china-morning.md) | +0.5% | +1.0% |

## Sources

- reuters.com: https://www.reuters.com/markets/us/global-markets-view-usa-2023-06-27/?taid=649ad1db79513d0001e0e800

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