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The Chinese yuan fell as much as 0.6% to just under 7.22 per dollar, a seven-month low, despite the Federal Reserve pausing its rate hikes. Worries about China's slowing economy, including weaker industrial output and trade, drove the decline.
A sharp yuan slide signals weakening Chinese demand and can raise the dollar cost of imports, which tends to pressure buyers of soybeans and other feed inputs.
markets.businessinsider.comGeorge GloverJun 27, 2023After 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.
Reports of the yuan sliding to a seven-month low near 7.22 per dollar on China growth worries describe the weakness around the move window, though the article is dated 2023-06-27, a day after the move.
