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The People's Bank of China set its daily yuan reference rate at 7.1196 per dollar, a level slightly weaker than the previous day. The gap between the fixing and market forecasts was the widest since April, signalling Beijing's intent to manage the currency's decline.
A stronger fixing supports the yuan and eases the cost of dollar-priced imports for China, a modest support for Chinese feed demand.
bloomberg.comIris OuyangJun 21, 2024After 362 past bearish macro events, Chinese Yuan (CNY per USD) moved a median -0.1% over 5 sessions (42% higher; middle half -0.4% to +0.1%), and -0.2% 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.
