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The yuan rose to two-month highs against the dollar, with USD/CNY dropping to 6.8687 before recovering to about 6.8735. Traders attributed the move to major state-owned banks selling dollars in the onshore market.
State dollar sales keep the yuan firm, which can make Chinese imports of feed ingredients priced in dollars slightly cheaper for domestic buyers. The effect on feed prices is small and mainly a currency signal.
octaafrica.netMay 25, 2017After 991 past macro events, Chinese Yuan (CNY per USD) moved a median -0.0% over 5 sessions (49% higher; middle half -0.3% to +0.3%), and -0.1% 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.
On 2017-05-25 USD/CNY fell to 6.8687, a two-month low, as state-owned banks sold dollars onshore, which directly explains the CNY-per-USD drop of 0.31%.
