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Forbes reports that the yuan has stayed stable against the dollar, with the dollar up only about 1% year-to-date through June 20. Authorities have used the monitored trading band and a basket-based reference rate to contain volatility despite expectations of a sharp depreciation.
A tightly managed yuan limits currency-driven swings in Chinese import costs, so it has little direct effect on feed commodity pricing.
forbes.comKenneth RapozaJun 21, 2016After 169 past neutral macro events, USDCNY moved a median +0.0% over 5 sessions (50% higher; middle half -0.3% to +0.2%), and -0.0% 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.
