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The offshore yuan fell past the 7.2-per-dollar level, reaching 7.2007 on Wednesday, its weakest since November. The decline followed a lack of aggressive stimulus from Chinese authorities, and Chinese equities also fell.
Yuan weakness reflects doubts about China's growth recovery, which could temper demand for imported feed commodities. The move mainly affects currency markets.
bloomberg.comJun 21, 2023After 398 past bullish macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (56% higher; middle half -0.3% to +0.5%), 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.
