People’s Bank of China Rules Out Competitive Yuan Devaluation to Support Exports

After 50 past bearish policy events, Chinese Yuan (CNY per USD) moved a median -0.1% over 5 sessions (46% higher; middle half -0.4% to +0.4%), and -0.0% over 20.

• Apr 26, 2022China cuts banks’ FX reserve ratio to support yuan - Business & Finance - Business Recorder+0.8%
• Dec 3, 2016China should use part of its foreign reserves to stabilize yuan expectations: central bank adviser+0.3%
• Oct 26, 2022Chinese state banks sold dollars to support yuan late on Tuesday - sources | Reuters+0.1%
• Jan 6, 2023China's cascade of economic support measures spurs yuan buying - The Business Times-2.1%
• Sep 29, 2022Exclusive: China's state banks told to stock up for yuan intervention-1.2%

After 554 past neutral policy events, Soybeans moved a median +0.0% over 5 sessions (51% higher; middle half -1.4% to +1.6%), and +0.6% over 20.

• Sep 14, 2021EU mulling rules to stop import of ‘deforestation’ products – EUobserver-0.8%
• Jul 6, 2022An Update: European Union Draft Law Seeking to Ban Imports and Exports of Commodities from Regions at Risk of Deforestation+1.1%
• Jan 30, 2018CEI Joins Coalition Letter In Support of EPA Proposed Adjustments to the Renewable Volume Obligations for Biodiesel - Competitive Enterprise Institute-2.2%
• Oct 20, 2019China’s yuan exchange rate ‘appropriate’ after recent weakening, central bank chief says | South China Morning Post-1.5%
• Sep 27, 2024Malaysia to support palm oil producers' compliance with EU deforestation law | Reuters+0.5%