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China's defense of the yuan against a strong dollar has tightened domestic liquidity. The seven-day interbank pledged repo rate rose to its highest since October 2023, and its spread to the central bank reverse repo rate is the widest since early 2021.
Tighter Chinese financial conditions can weigh on credit-fueled livestock and feed demand, though the direct effect on grain and meal prices is modest.
bloomberg.comJan 14, 2025After 169 past neutral macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (50% higher; middle half -0.3% to +0.2%), 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.
