# USD/CNH Price Analysis: Ignores China PMI to refresh multi-month low below 6.5000 - Forex Crunch

> USD/CNH fell to its lowest level since June 2018 near 6.4695 on Monday, ignoring a weaker-than-expected Caixin manufacturing PMI of 53.0 for December. The reading still signaled an eighth consecutive month of expansion. Technical analysts pointed to further downside toward support near 6.4528.

- Date: 2021-01-04 · published 2021-01-04T12:00:00.000Z
- Category: market · region China · magnitude low
- Page: https://feedsoft.ai/events/12071-usd-cnh-price-analysis-ignores-china-pmi-to-refresh-multi-month-low-below-6
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

A stronger yuan supports Chinese dollar-denominated commodity purchasing power, while softer PMI data hints at slightly slower industrial demand for feed inputs. The price implication for feed is minor.

## Read by commodity

- USDCNY: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| USDCNY | 2021-01-04 | 1 | -1.0% | -3.1 | Same-day offshore USD/CNH fell to its lowest since June 2018 despite a soft PMI, confirming dollar-selling pressure and technical breakdown that reinforced the onshore move. |

## Sources

- forexcrunch.com: https://www.forexcrunch.com/blog/2021/01/04/usd-cnh-price-analysis-ignores-china-pmi-to-refresh-multi-month-low-below-6-5000/

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