# China Ramps Up Yuan Support as Fixing Tops Estimates by Record

> 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.

- Date: 2024-05-01 · published 2024-05-01T12:00:00.000Z
- Category: policy · region China · magnitude low
- Page: https://feedsoft.ai/events/30955-china-ramps-up-yuan-support-as-fixing-tops-estimates-by-record
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

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.

## Read by commodity

- USDCNY: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2026-01-01 | [China Signals Goal of Slow Yuan Gain Via Fix Well Below Estimate](https://feedsoft.ai/events/21740-china-signals-goal-of-slow-yuan-gain-via-fix-well-below-estimate.md) | -0.1% | -0.6% |
| USDCNY | 2025-01-20 | [China holds lending rates steady as it contends with a weakening yuan](https://feedsoft.ai/events/9596-china-holds-lending-rates-steady-as-it-contends-with-a-weakening-yuan.md) | -1.0% | -0.6% |
| USDCNY | 2017-06-26 | [China's yuan tweaks reflect Fed fears - Nikkei Asia](https://feedsoft.ai/events/11182-china-s-yuan-tweaks-reflect-fed-fears-nikkei-asia.md) | -0.8% | -1.3% |
| USDCNY | 2017-09-11 | [China scales back measures propping up its currency now that yuan has surged](https://feedsoft.ai/events/7804-china-scales-back-measures-propping-up-its-currency-now-that-yuan-has-surged.md) | +1.1% | +2.7% |
| USDCNY | 2017-05-30 | [China : PBOC tweaks model guiding Yuan fix to underpin financial stability \| BBVA Research](https://feedsoft.ai/events/5660-china-pboc-tweaks-model-guiding-yuan-fix-to-underpin-financial-stability-bbva.md) | -0.7% | -0.2% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2024-04-11/china-sticks-to-yuan-support-after-dollar-s-post-cpi-surge

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