# China's central bank offers strongest yuan support since July after dollar gains

> The People's Bank of China set the yuan fixing at its strongest bias since July, stepping up support after the dollar rallied on Federal Reserve caution over rate cuts. The offshore yuan rose 0.2% and hit a one-year low earlier in the week.

- Date: 2024-12-19 · published 2024-12-19T12:00:00.000Z
- Category: policy · region China · magnitude low
- Page: https://feedsoft.ai/events/27167-china-s-central-bank-offers-strongest-yuan-support-since-july-after-dollar-gains
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

Stronger official support slows yuan depreciation, which can help keep Chinese import buying of US farm goods more stable, though authorities still signal tolerance for a weaker currency amid tariff risks.

## Read by commodity

- USDCNY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2025-02-21 | [China’s central bank vows to enhance yuan amid looming risks from strong US dollar \| South China Morning Post](https://feedsoft.ai/events/26298-china-s-central-bank-vows-to-enhance-yuan-amid-looming-risks-from-strong-us.md) | +0.4% | -0.1% |
| USDCNY | 2019-05-17 | [China's central bank won't let yuan weaken past 7 to the dollar-sources](https://feedsoft.ai/events/59283-china-s-central-bank-won-t-let-yuan-weaken-past-7-to-the-dollar-sources.md) | +0.4% | +0.6% |
| USDCNY | 2022-04-27 | [China economy: Central bank tries to slow weakening yuan vs US dollar](https://feedsoft.ai/events/4947-china-economy-central-bank-tries-to-slow-weakening-yuan-vs-us-dollar.md) | +0.8% | +1.5% |
| USDCNY | 2022-10-26 | [Chinese state banks sold dollars to support yuan late on Tuesday - sources \| Reuters](https://feedsoft.ai/events/6937-chinese-state-banks-sold-dollars-to-support-yuan-late-on-tuesday-sources-reuters.md) | +0.1% | -1.5% |
| USDCNY | 2023-07-06 | [China's yuan firms as central bank pledges again to stabilize currency](https://feedsoft.ai/events/35262-china-s-yuan-firms-as-central-bank-pledges-again-to-stabilize-currency.md) | -1.1% | -0.8% |

## Sources

- moneycontrol.com: https://www.moneycontrol.com/news/business/markets/china-s-central-bank-offers-strongest-yuan-support-since-july-after-dollar-gains-12893512.html

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