Loading…
The PBOC set the yuan's central parity at 6.6102 per dollar, a one-year high, after the greenback weakened on Korean Peninsula tensions. Separately, a hurricane reduced oil production in Texas.
Economists said the yuan could keep strengthening in the short term, with one forecaster seeing 6.4 as likely within 12 months.
A stronger yuan lowers China's dollar cost of imported feed ingredients, supporting demand. Lower Texas crude output from the hurricane tightens energy supply and supports oil-linked costs.
caixinglobal.comPan CheAug 30, 2017After 50 past bearish policy events, Chinese Yuan (CNY per USD) moved a median -0.1% over 5 sessions (46% higher; middle half -0.4% to +0.4%), and -0.0% over 20.
After 15 past bearish policy events, US Dollar (Broad) moved a median -0.5% over 5 sessions (27% higher; middle half -0.7% to +0.0%), and -0.0% over 20.
After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% 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.
