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The yuan held steady against the US dollar on July 23 after China cut several key interest rates the previous day. Analysts said the currency could absorb the cuts, and the PBOC could use guidance and offshore funding tools to prevent disorderly depreciation.
Traders were waiting for US data to gauge the Federal Reserve's policy path.
A stable yuan limits the risk of a sharp currency-driven shift in Chinese import costs and demand for feed commodities. Calm FX conditions keep the outlook for Chinese feed buying steady.
thepoundhub.comAlanJul 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.
