◂ Event Timeline

Oct 21, 2024MACROChina

China’s yuan steady after LPR cuts, eyes on US election - Markets

China's yuan was steady after the central bank cut one- and five-year loan prime rates by 25 basis points each. Market participants expected yuan strength to be capped until US election results are known, with the yuan down 1.2% in October.

WHY IT MATTERS

Rate cuts and a softer yuan reflect easing policy and weaker purchasing power for Chinese importers, which can modestly weigh on demand for US feed grains.

AFFECTSChinese Yuan (CNY per USD)▲

SOURCE
brecorder.comReutersOct 21, 2024

Price reaction & history

Chinese Yuan (CNY per USD)▲bullishSO FAR1d +0.2%5d +0.3%20d +1.9%

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.

Oct 31, 2024China’s yuan eases ahead of US election, shrugs off strong PMI - Markets - Business Recorder+0.8%
Oct 18, 2021Yuan slips after China's Q3 GDP slower than expected - Markets - Business Recorder-0.8%
Apr 19, 2023China’s yuan softens ahead of key lending rate moves - Markets - Business Recorder+0.8%
Nov 16, 2023China’s yuan weakens on persistent property sector woes - Markets - Business Recorder-1.3%
Jan 31, 2024China’s yuan eases after PMI, dragged by falling bond yields - Markets - Business Recorder+0.2%

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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