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Chinese state media warned that two-way volatility will remain the norm for the yuan in 2023. The yuan had gained 2.2% year to date and reversed much of 2022's annual loss.
Commentary cited a shrinking current account surplus and a narrowing yield gap with the US as sources of depreciation pressure.
Two-sided risk means no clear directional signal for the yuan, so Chinese import purchasing power is hard to predict from currency alone. USD/CNY is roughly neutral.
reuters.comJan 10, 2023After 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.
