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ING says short-term depreciation pressure on the yuan has eased as external factors outweigh domestic issues. The PBOC's counter-cyclical factor has fallen near zero, and ING's year-end USDCNY forecast is 7.10.
A neutral PBOC stance and stabilizing yuan reduce currency-driven swings in Chinese import costs for feed grains and meal.
think.ing.comLynn SongAug 23, 2024After 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.
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.
