Yuan falls to 2007 lows as US tariffs on China kick in

After 398 past bullish macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (56% higher; middle half -0.3% to +0.5%), and +0.0% over 20.

• Dec 3, 2024CNY/USD: China’s Yuan Falls to One-Year Low on Tariff Risk, Dollar Gains - Bloomberg-0.2%
• Nov 16, 2016Yuan falls to 8-year low as China-critic Trump prepares to take office+0.5%
• Nov 24, 2016Pace of China’s sale of US Treasurys in focus as the yuan plumbs new lows-0.5%
• Jun 24, 2016Chinese yuan falls to more than 5-year low on Brexit fears+1.1%
• Feb 20, 2020Yuan falls to over 2-month low as China cuts lending benchmark | Financial Post+0.3%

After 273 past bearish macro events, Soybeans moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.4%), and -0.5% over 20.

• May 29, 2024Chinese yuan falls to six-month low on dollar strength - Nikkei Asia-4.1%
• Nov 28, 2024Chinese yuan to hit record lows as U.S. tariff threat mounts, investment banks forecast+0.5%
• Apr 8, 2025China's yuan hits 2023 lows on signs PBOC is tolerant of some weakness | Reuters+6.0%
• Nov 12, 2024China’s yuan weakens to 3-1/2-month low as Trump tariff threat weighs - Markets - Business Recorder-0.2%
• May 23, 2024China Allows Yuan to Drop as Outflows, Dollar Test Central Bank’s Grip - Caixin Global-2.9%