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USD/CNY fell to two-week lows after the People's Bank of China set the daily midpoint at 6.8000, below the previous 6.8292 close. Analysts attributed the slide to official intervention aimed at keeping the yuan strong.
A stronger yuan lifts China's purchasing power for dollar-priced imports such as soybeans and meal, a modest support for feed commodity demand. The move is driven by policy, so it can reverse quickly.
asia.nikkei.comJun 28, 2017After 50 past bearish policy events, USDCNY moved a median -0.1% over 5 sessions (46% higher; middle half -0.4% to +0.4%), 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.
