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ING expects the yuan to keep weakening despite the PBOC's cut in the FX reserve requirement to 6% from 8%, with USD/CNY near 6.95. ING sees the weakness driven by a strong dollar and expected Federal Reserve hikes, and forecasts 7.05 by end-third quarter.
A persistently weaker yuan makes dollar-priced feed imports costlier for China, which can weigh on Chinese demand for US soybeans and meal.
think.ing.comIris Pang Chief Economist, Greater ChinaSep 5, 2022Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
