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The yuan strengthened against the dollar for a fifth straight day, with the central parity rate rising 111 pips to 6.9403, its strongest rally since January 23. Gains followed signs of virus containment and Xi's Wuhan visit.
A firmer yuan reflects improving Chinese sentiment and slightly eases import costs for China, a major buyer of feed commodities, but the move is currency-driven with limited direct effect on grain prices.
btimesonline.comJet EncilaMar 11, 2020After 362 past bearish macro events, Chinese Yuan (CNY per USD) moved a median -0.1% over 5 sessions (42% higher; middle half -0.4% to +0.1%), and -0.2% 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.
