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China set the yuan's daily reference rate at 7.1192 per dollar, its weakest fixing since November and a rise of 33 ticks, the largest in about two months. The move came as the dollar moved toward its yearly high on expectations of higher US rates for longer.
A weaker fixing makes dollar-priced imports costlier for China, a mild negative for Chinese feed purchasing, while a firmer dollar also tends to pressure dollar-priced commodities.
bloomberg.comBloomberg.comJul 1, 2024After 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.
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.
