# Pressure mounts on Beijing to allow renminbi to weaken - The Pound Hub

> Market pressure is building on the PBOC to let the renminbi weaken, with the spot rate trading as much as 2% below the fixing for the first time in eight years. Ten-year US Treasury yields near 4.57% far exceed Chinese government bond yields of about 2.3%.

- Date: 2024-05-29 · published 2024-05-29T12:00:00.000Z
- Category: macro · region China · magnitude medium
- Page: https://feedsoft.ai/events/30494-pressure-mounts-on-beijing-to-allow-renminbi-to-weaken-the-pound-hub
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Expectations of a one-off yuan depreciation would raise the cost of dollar-priced feed imports into China, a potential bearish shock to US and Brazilian feed demand.

## Read by commodity

- SOY: bearish ▼
- USDCNY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2025-04-16 | [Asia FX Talking: Pressure builds on the renminbi \| articles \| ING THINK](https://feedsoft.ai/events/25366-asia-fx-talking-pressure-builds-on-the-renminbi-articles-ing-think.md) | -0.0% | -1.5% |
| USDCNY | 2016-10-09 | [Flash crash of pound piles pressure on already weak yuan \| South China Morning Post](https://feedsoft.ai/events/5891-flash-crash-of-pound-piles-pressure-on-already-weak-yuan-south-china-morning.md) | +1.0% | +1.6% |
| USDCNY | 2022-12-05 | [Renminbi movements: it's more than the trade and current account - OMFIF](https://feedsoft.ai/events/6575-renminbi-movements-it-s-more-than-the-trade-and-current-account-omfif.md) | -0.9% | -1.5% |
| USDCNY | 2024-07-22 | [China stocks drop after party meeting, yuan falls on rate cuts - The Pound Hub](https://feedsoft.ai/events/7517-china-stocks-drop-after-party-meeting-yuan-falls-on-rate-cuts-the-pound-hub.md) | -0.3% | -1.4% |
| USDCNY | 2022-05-11 | [How PBOC might respond to China's weakening yuan](https://feedsoft.ai/events/10987-how-pboc-might-respond-to-china-s-weakening-yuan.md) | +0.0% | -0.8% |
| SOY | 2025-01-20 | [A weakening yuan tests Beijing's resolve as Trump tariff threats loom](https://feedsoft.ai/events/9595-a-weakening-yuan-tests-beijing-s-resolve-as-trump-tariff-threats-loom.md) | +1.1% | +0.4% |
| SOY | 2022-09-26 | [China Lets Its Currency Weaken Past a Key Barrier and Tries to Manage the Fall](https://feedsoft.ai/events/7211-china-lets-its-currency-weaken-past-a-key-barrier-and-tries-to-manage-the-fall.md) | -4.3% | -2.1% |
| SOY | 2018-11-22 | [Account of the monetary policy meeting](https://feedsoft.ai/events/62238-account-of-the-monetary-policy-meeting.md) | +0.5% | +0.2% |

## Sources

- thepoundhub.com: https://thepoundhub.com/china-currency/pressure-mounts-on-beijing-to-allow-renminbi-to-weaken/

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