# CNY rally on the back of broad USD depreciation - Westpac — Octa

> The onshore yuan was the strongest Asian currency over the week, gaining 0.8%, as the US dollar broadly depreciated. Westpac analysts suggested official involvement and kept a 12-month USD/CNY forecast of 7.20.

- Date: 2017-06-29 · published 2017-06-29T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/11185-cny-rally-on-the-back-of-broad-usd-depreciation-westpac-octa
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

A broadly weaker dollar typically supports dollar-priced commodities and improves import affordability for China. The yuan move is modest and may not persist.

## Read by commodity

- DXY: bearish ▼
- USDCNY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2018-01-19 | [Dollar is on a strong depreciation path - Westpac — Octa](https://feedsoft.ai/events/67169-dollar-is-on-a-strong-depreciation-path-westpac-octa.md) | -1.4% | -1.0% |
| DXY | 2018-02-27 | [Making sense of the weak USD – Westpac — Octa](https://feedsoft.ai/events/66698-making-sense-of-the-weak-usd-westpac-octa.md) | +0.1% | -0.1% |
| DXY | 2020-08-31 | [EUR/USD: The broad trend is to the upside — Octa](https://feedsoft.ai/events/51829-eur-usd-the-broad-trend-is-to-the-upside-octa.md) | +0.1% | +1.4% |
| DXY | 2018-01-24 | [USD: Broad-based decline - AmpGFX — Octa](https://feedsoft.ai/events/10404-usd-broad-based-decline-ampgfx-octa.md) | -0.8% | -0.1% |
| DXY | 2025-09-29 | [Why is the exchange rate in Vietnam rising rapidly despite the depreciation of the US dollar internationally?](https://feedsoft.ai/events/23193-why-is-the-exchange-rate-in-vietnam-rising-rapidly-despite-the-depreciation-of.md) | -0.3% | +0.3% |
| USDCNY | 2017-08-31 | [CNY seems to have decoupled from the broader market - Westpac — Octa](https://feedsoft.ai/events/69674-cny-seems-to-have-decoupled-from-the-broader-market-westpac-octa.md) | -1.7% | +1.0% |
| USDCNY | 2017-10-12 | [USD/CNY: Volatility interpreted as more to the downside - Westpac — Octa](https://feedsoft.ai/events/6411-usd-cny-volatility-interpreted-as-more-to-the-downside-westpac-octa.md) | +0.6% | +0.6% |
| USDCNY | 2019-06-11 | [Report highlights CNY depreciation as threat to VND](https://feedsoft.ai/events/58885-report-highlights-cny-depreciation-as-threat-to-vnd.md) | -0.1% | -0.6% |

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/459627/

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