# China Loosens Grip on Yuan With Weakest Fixing Since November

> 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.

- Date: 2024-07-01 · published 2024-07-01T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/30008-china-loosens-grip-on-yuan-with-weakest-fixing-since-november
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

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.

## Read by commodity

- USDCNY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2016-06-27 | [China Weakens Yuan Fixing by Most Since August as Dollar Surges - Bloomberg](https://feedsoft.ai/events/12454-china-weakens-yuan-fixing-by-most-since-august-as-dollar-surges-bloomberg.md) | +0.6% | +1.0% |
| USDCNY | 2024-11-07 | [CNY/USD: China Sets Yuan Fix at Weakest Since 2023 - Bloomberg](https://feedsoft.ai/events/6857-cny-usd-china-sets-yuan-fix-at-weakest-since-2023-bloomberg.md) | +0.7% | +1.3% |
| USDCNY | 2018-07-30 | [China's yuan hits 13-month low on weaker fixing and depreciation bets](https://feedsoft.ai/events/64266-china-s-yuan-hits-13-month-low-on-weaker-fixing-and-depreciation-bets.md) | +0.3% | -0.1% |
| USDCNY | 2018-10-29 | [China's yuan finishes onshore trading at weakest since 2008 By Reuters](https://feedsoft.ai/events/62763-china-s-yuan-finishes-onshore-trading-at-weakest-since-2008-by-reuters.md) | -0.8% | +0.1% |
| USDCNY | 2024-02-20 | [Onshore yuan trades at its weakest against dollar since November last year](https://feedsoft.ai/events/31900-onshore-yuan-trades-at-its-weakest-against-dollar-since-november-last-year.md) | +0.1% | +0.1% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2024-06-20/china-weakens-yuan-fixing-to-lowest-since-november-on-fx-stress

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.