# FX Daily: Renminbi shorts on the run | articles | ING THINK

> Chinese authorities pressured traders holding short renminbi positions as the dollar softened. Analysts expected weak US existing home sales and less hawkish FOMC minutes to pressure the dollar further.

- Date: 2023-11-21 · published 2023-11-21T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/12028-fx-daily-renminbi-shorts-on-the-run-articles-ing-think
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A softer dollar and firmer yuan lower USDCNY, which can marginally ease the cost of dollar-denominated commodity imports for China.

## Read by commodity

- DXY: bearish ▼
- USDCNY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2022-03-16 | [FX Daily: Fed rate hike may play second fiddle amid multiple drivers \| articles \| ING THINK](https://feedsoft.ai/events/42500-fx-daily-fed-rate-hike-may-play-second-fiddle-amid-multiple-drivers-articles.md) | -0.1% | -0.1% |
| USDCNY | 2019-07-08 | [China gets net capital inflows \| articles \| ING THINK](https://feedsoft.ai/events/58329-china-gets-net-capital-inflows-articles-ing-think.md) | -0.2% | +0.7% |
| USDCNY | 2024-10-07 | [Beijing tightens grip on renminbi after stimulus rally](https://feedsoft.ai/events/11037-beijing-tightens-grip-on-renminbi-after-stimulus-rally.md) | +0.7% | +1.2% |
| USDCNY | 2023-06-16 | [Experts see steady FX in H2 on recovery outlook - Chinadaily.com.cn](https://feedsoft.ai/events/11234-experts-see-steady-fx-in-h2-on-recovery-outlook-chinadaily-com-cn.md) | +0.7% | +0.6% |
| USDCNY | 2017-06-06 | [Surprise renminbi strengthening prompts unwinds - FX Markets](https://feedsoft.ai/events/70731-surprise-renminbi-strengthening-prompts-unwinds-fx-markets.md) | -0.1% | -0.1% |
| DXY | 2024-01-24 | [FX Daily: Unwinding the spurious dollar rally \| articles \| ING THINK](https://feedsoft.ai/events/32330-fx-daily-unwinding-the-spurious-dollar-rally-articles-ing-think.md) | -0.4% | -0.1% |
| DXY | 2020-04-27 | [FX Daily: Falling interbank rates should drag the dollar lower \| articles \| ING THINK](https://feedsoft.ai/events/53819-fx-daily-falling-interbank-rates-should-drag-the-dollar-lower-articles-ing-think.md) | -0.8% | -1.5% |
| DXY | 2023-01-19 | [Rates Spark: The party goes on \| articles \| ING THINK](https://feedsoft.ai/events/38006-rates-spark-the-party-goes-on-articles-ing-think.md) | -0.1% | +1.2% |

## Sources

- think.ing.com: https://think.ing.com/articles/fx-daily-renminbi-shorts-on-the-run/

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