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ING says pressure on the renminbi is building as the US-China trade standoff continues, with USD/CNY trading in a 7.22-7.35 range over the past month. ING expects the PBoC to avoid a quick devaluation and keeps a 2025 range of 7.00-7.40.
A weaker yuan would lower China's cost of US imports and could reduce its appetite for US feed grains and meal, reinforcing bearish trade signals for US exporters.
think.ing.comLynn Song, Min Joo Kang, Deepali BhargavaApr 16, 2025After 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.
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.
