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The yuan weakened to a seven-month low past 7.2 per dollar on Wednesday as disappointment over the lack of stimulus and broad dollar strength weighed on the currency. The PBOC set its midpoint fix weaker than expected at 7.1795, and the market closed for the Dragon Boat holiday.
The weaker yuan and wider US-China rate differential reflect slowing Chinese demand and a stronger dollar, which can weigh on Chinese imports of feed commodities. The move is mainly a currency development.
tbsnews.netReutersJun 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.
