◂ Event Timeline

Apr 29, 2025MACROChina

Chinese yuan at a glance: There and back again

The yuan moved sharply weaker after US tariff announcements in April, peaking near 7.35 per dollar onshore before the PBoC stabilised it. By late April the USD/CNY had returned to around 7.26, near pre-tariff levels.

WHY IT MATTERS

The round trip reduces the currency-driven pressure on Chinese feed import costs, leaving tariffs as the main price driver for US meal and grain.

AFFECTSChinese Yuan (CNY per USD)◆

SOURCE
think.ing.comLynn SongApr 29, 2025

Price reaction & history

Chinese Yuan (CNY per USD)◆neutralSO FAR1d -0.3%5d -0.3%20d -1.4%

After 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.

Mar 26, 2024Chinese Yuan Bounces Back Against US Dollar+0.3%
Mar 25, 2019China: How opening up the financial sector could affect the yuan | articles | ING THINK-0.1%
Nov 14, 2024Asia FX Talking: China will try to hold the line | articles | ING THINK+0.3%
Aug 23, 2024CNY at a glance: Is the worst of China’s depreciation pressure over? | ING THINK-0.7%
Jan 20, 2025CNY at a glance: A surprise post-US election outperformer | ING THINK-1.0%

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.

Chinese Yuan (CNY per USD) USDCNY · GP ▸

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