# China’s yuan inches higher as PBOC support offsets dollar strength - Markets - Business Recorder

> The yuan edged higher against the dollar after the central bank announced a 500 billion yuan funding scheme to support the equity market. The PBOC also set its midpoint rate at 7.0742, slightly weaker than a Reuters estimate.

- Date: 2024-10-10 · published 2024-10-10T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/11040-china-s-yuan-inches-higher-as-pboc-support-offsets-dollar-strength-markets
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

Gains in the yuan from policy support reduce the local cost of dollar-priced imports, though analysts expect the moves to be gradual. The impact on feed commodity prices is small.

## Read by commodity

- USDCNY: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| USDCNY | 2024-10-15 | 5 | +1.4% | 3.3 | The PBOC set a weaker-than-expected midpoint of 7.0742 and the yuan was held up only modestly by equity-support funding, showing the dollar strength was partly offset. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2026-06-30 | [China yuan firms as exporter dollar sales lend support - Markets - Business Recorder](https://feedsoft.ai/events/19035-china-yuan-firms-as-exporter-dollar-sales-lend-support-markets-business-recorder.md) | -0.0% | -0.3% |
| USDCNY | 2021-07-15 | [China's yuan inches higher, GDP data caps gains - Markets - Business Recorder](https://feedsoft.ai/events/46289-china-s-yuan-inches-higher-gdp-data-caps-gains-markets-business-recorder.md) | -0.0% | +0.1% |
| USDCNY | 2023-07-31 | [China’s yuan inches higher after better-than-expected PMI data - Markets - Business Recorder](https://feedsoft.ai/events/35259-china-s-yuan-inches-higher-after-better-than-expected-pmi-data-markets-business.md) | +0.3% | +2.0% |
| USDCNY | 2026-08-20 | [China's yuan gets stronger after dollar slumps overnight - Markets - Business Recorder](https://feedsoft.ai/events/18097-china-s-yuan-gets-stronger-after-dollar-slumps-overnight-markets-business.md) | -0.1% | -0.3% |
| USDCNY | 2023-05-26 | [China’s yuan rebounds after state banks sell dollars to lend support - Markets - Business Recorder](https://feedsoft.ai/events/36177-china-s-yuan-rebounds-after-state-banks-sell-dollars-to-lend-support-markets.md) | +0.1% | +2.2% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40326414

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.