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The People's Bank of China set its daily yuan reference rate at 7.0968 per dollar, within its recent range, after the offshore yuan weakened by the most in three weeks. The fixing came in well above market estimates, signaling official support for the currency.
Strong official fixings signal Beijing is limiting yuan depreciation, which keeps dollar-priced Chinese feed-ingredient imports from becoming sharply more expensive and supports steady import demand.
bloomberg.comBloomberg NewsMay 1, 2024After 42 past neutral policy events, Chinese Yuan (CNY per USD) moved a median -0.0% over 5 sessions (50% higher; middle half -0.3% to +0.4%), 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.
