# Update | Chinese yuan slides to 5-year low, pound slumps further in Brexit aftershock | South China Morning Post

> The PBOC cut the yuan fixing to its lowest level in more than five years, and sterling fell further below $1.34 near a 31-year low after the Brexit vote. Investors moved into safe-haven assets such as the yen, Swiss franc and gold. Oil prices extended a sharp decline.

- Date: 2016-06-27 · published 2016-06-27T12:00:00.000Z
- Category: macro · region China · magnitude medium
- Page: https://feedsoft.ai/events/12457-update-chinese-yuan-slides-to-5-year-low-pound-slumps-further-in-brexit
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Yuan weakness and a stronger dollar pressure dollar-denominated commodity prices, and falling crude oil lowers biofuel and input-cost support for feed-related markets.

## Read by commodity

- DXY: bullish ▲
- WTI: bearish ▼
- USDCNY: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| USDCNY | 2016-06-30 | 5 | +1.1% | 2.9 | The PBOC cut the fixing to a five-year low amid Brexit-driven safe-haven flows into the dollar, driving yuan weakness. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2016-11-14 | [Chinese yuan tumbles to a seven-year low as dollar surges \| South China Morning Post](https://feedsoft.ai/events/7742-chinese-yuan-tumbles-to-a-seven-year-low-as-dollar-surges-south-china-morning.md) | +1.3% | +1.6% |
| USDCNY | 2018-10-31 | [China to sell new yuan bills in Hong Kong – a new tool to control the currency now at a 10-year low \| South China Morning Post](https://feedsoft.ai/events/62764-china-to-sell-new-yuan-bills-in-hong-kong-a-new-tool-to-control-the-currency.md) | -0.7% | -0.4% |
| USDCNY | 2016-06-24 | [Chinese yuan falls to more than 5-year low on Brexit fears](https://feedsoft.ai/events/10881-chinese-yuan-falls-to-more-than-5-year-low-on-brexit-fears.md) | +1.1% | +1.6% |
| USDCNY | 2022-09-28 | [China's yuan slides to 14-year low after US rate hikes \| AP News](https://feedsoft.ai/events/8604-china-s-yuan-slides-to-14-year-low-after-us-rate-hikes-ap-news.md) | -0.9% | -0.1% |
| USDCNY | 2017-01-03 | [Yuan starts 2017 weaker after PBOC cuts fixing by most in two weeks \| South China Morning Post](https://feedsoft.ai/events/10250-yuan-starts-2017-weaker-after-pboc-cuts-fixing-by-most-in-two-weeks-south-china.md) | -0.1% | -1.0% |
| DXY | 2016-11-14 | [Chinese yuan tumbles to a seven-year low as dollar surges \| South China Morning Post](https://feedsoft.ai/events/7742-chinese-yuan-tumbles-to-a-seven-year-low-as-dollar-surges-south-china-morning.md) | +1.4% | +0.8% |
| DXY | 2022-05-05 | [US Fed rate hike: how can China stem capital outflow and prop up the yuan? \| South China Morning Post](https://feedsoft.ai/events/8315-us-fed-rate-hike-how-can-china-stem-capital-outflow-and-prop-up-the-yuan-south.md) | +0.7% | -1.2% |
| DXY | 2022-04-21 | [China's yuan slides to 6-month low as tightening prospects help dollar \| Financial Post](https://feedsoft.ai/events/7337-china-s-yuan-slides-to-6-month-low-as-tightening-prospects-help-dollar.md) | +2.3% | +2.8% |

## Sources

- scmp.com: https://www.scmp.com/business/markets/article/1982029/chinese-yuan-slides-5-year-low-pound-slumps-further-brexit

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