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The People's Bank of China raised its USD/CNY fixing on March 22 by the largest amount since the start of the year, pushing the pair through 7.20 for the first time since November 2023. Analysts debate whether this signals managed depreciation or is a short-term adjustment tool.
Any move toward managed yuan depreciation would raise the cost of dollar-priced feed imports into China, which could reduce import demand for soybeans and meal.
euromoney.comPaul GoldenApr 12, 2024After 31 past bullish policy events, Chinese Yuan (CNY per USD) moved a median -0.2% over 5 sessions (42% higher; middle half -0.4% to +0.3%), and -0.1% 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.
