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Hong Kong stocks fell 275 points to a two-and-a-half-month low, and the yuan weakened 24 basis points to 7.2698 per dollar ahead of the July 15-18 Third Plenum. The PBOC announced temporary reverse repos to keep liquidity ample, and analysts flagged a possible reserve requirement cut in the third quarter.
Weak Chinese equities and currency pressure point to cautious sentiment and possible monetary easing, which could eventually support Chinese commodity demand. In the near term, the risk-off tone is a mild negative for feed demand expectations.
thestandard.com.hkJul 8, 2024After 398 past bullish macro events, USDCNY 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.
