# China's weakening yuan set to snap three straight months of gains in Oct

> The yuan fell to its weakest level since August against the dollar, down about 1.6% in October, as US economic strength and bets on a Trump win lifted the dollar. Trump has pledged tariffs of 60% or more on Chinese goods, and Goldman Sachs estimates the yuan could slide 4-5% if tariffs rise 20%.

- Date: 2024-10-28 · published 2024-10-28T12:00:00.000Z
- Category: macro · region China · magnitude medium
- Page: https://feedsoft.ai/events/28078-china-s-weakening-yuan-set-to-snap-three-straight-months-of-gains-in-oct
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

A sharply weaker yuan and threatened tariffs would reduce Chinese purchasing power and demand for US agricultural imports, a bearish outlook for US soybeans and corn.

## Read by commodity

- SOY: bearish ▼
- CORN: bearish ▼
- USDCNY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2022-05-11 | [How PBOC might respond to China's weakening yuan](https://feedsoft.ai/events/10987-how-pboc-might-respond-to-china-s-weakening-yuan.md) | +0.0% | -0.8% |
| USDCNY | 2023-03-08 | [China's yuan weakens to 2-month low, with key 7-per-dollar level in sight  - The Business Times](https://feedsoft.ai/events/37091-china-s-yuan-weakens-to-2-month-low-with-key-7-per-dollar-level-in-sight-the.md) | -1.3% | -1.2% |
| USDCNY | 2023-03-31 | [Widening U.S.-China Rate Gap Set to Weigh on Yuan’s Resilience - Caixin Global](https://feedsoft.ai/events/37088-widening-u-s-china-rate-gap-set-to-weigh-on-yuan-s-resilience-caixin-global.md) | +0.1% | +0.8% |
| USDCNY | 2018-05-18 | [China's yuan set to post biggest weekly fall in 3 months as dollar tracks yields higher](https://feedsoft.ai/events/65231-china-s-yuan-set-to-post-biggest-weekly-fall-in-3-months-as-dollar-tracks.md) | +0.2% | +1.2% |
| USDCNY | 2017-06-27 | [China's yuan again slightly weakens, corporate US dollar demand strong - Times of News](https://feedsoft.ai/events/11181-china-s-yuan-again-slightly-weakens-corporate-us-dollar-demand-strong-times-of.md) | -0.6% | -1.3% |
| SOY | 2024-11-12 | [China’s yuan weakens to 3-1/2-month low as Trump tariff threat weighs - Markets - Business Recorder](https://feedsoft.ai/events/6701-china-s-yuan-weakens-to-3-1-2-month-low-as-trump-tariff-threat-weighs-markets.md) | -0.2% | -1.7% |
| SOY | 2024-05-31 | [China's Yuan Weakens Amid Manufacturing Contraction - Finimize](https://feedsoft.ai/events/30491-china-s-yuan-weakens-amid-manufacturing-contraction-finimize.md) | -0.8% | -4.9% |
| SOY | 2024-12-03 | [China’s yuan hits lowest level in months as Trump tariff threats roil currencies \| South China Morning Post](https://feedsoft.ai/events/27171-china-s-yuan-hits-lowest-level-in-months-as-trump-tariff-threats-roil.md) | +0.5% | +1.3% |

## Sources

- nst.com.my: https://www.nst.com.my/business/economy/2024/10/1126485/chinas-weakening-yuan-set-snap-three-straight-months-gains-oct

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