Loading…
The yuan's central parity declined 191 basis points to 6.6102 per dollar on Wednesday, and onshore and offshore yuan both rose past the 6.6 level for the first time since June 2016. The dollar index rebounded above 92.3 after touching a 2.5-year low on Tuesday, with traders ignoring a North Korean missile launch over Japan.
A stronger yuan lowers China's dollar cost of imported feed, supporting import demand at the margin. The dollar's partial rebound limits the effect on dollar-priced grain values.
yicaiglobal.comLiao ShuminAug 30, 2017After 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.
