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Chinese officials and experts said the foreign exchange market should stay steady in the second half of 2023 as supportive economic policies take effect. They argued that recent rate cuts are more likely to support the yuan over the medium term than weaken it.
Official signals of yuan stability reduce near-term currency-driven swings in Chinese import costs. The effect on feed commodity prices is limited.
chinadaily.com.cnZHOU LANXU, OUYANG SHIJIAJun 16, 2023After 362 past bearish macro events, Chinese Yuan (CNY per USD) moved a median -0.1% over 5 sessions (42% higher; middle half -0.4% to +0.1%), and -0.2% 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.
