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The yuan strengthened against the dollar on Monday after the People's Bank of China set its daily reference rate stronger than the prior Friday. Onshore yuan traded around 6.5780 per dollar and offshore yuan around 6.5845.
Dealers may trade up to 2% either side of the fixing.
A stronger yuan lowers the cost of dollar-denominated imports for China, including feed inputs, but the move is small and driven by central bank management rather than a shift in trade flows.
scmp.comCelia ChenJun 20, 2016After 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.
