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A leading currency expert said the renminbi should remain broadly stable with two-way fluctuations against the dollar in coming months. The offshore renminbi had passed the 7-per-dollar mark in late September after the Fed's rate cut and China's stimulus package.
A stable yuan limits sudden shifts in the cost of dollar-priced Chinese imports, so it has little direct effect on feed prices. The People's Bank of China is seen as ready to curb overshoots in either direction.
chinadaily.com.cnZHOU LANXUOct 7, 2024After 169 past neutral macro events, Chinese Yuan (CNY per USD) 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.
