# Decoding China’s FX guessing game - Euromoney

> 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.

- Date: 2024-04-12 · published 2024-04-12T12:00:00.000Z
- Category: policy · region China · magnitude low
- Page: https://feedsoft.ai/events/30958-decoding-china-s-fx-guessing-game-euromoney
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

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.

## Read by commodity

- USDCNY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2021-12-10 | [FX Daily: PBOC back in the (FX) game \| articles \| ING THINK](https://feedsoft.ai/events/11299-fx-daily-pboc-back-in-the-fx-game-articles-ing-think.md) | -0.2% | -0.0% |
| USDCNY | 2023-08-15 | [Surprise China lending rate cut drags ringgit lower \| FMT](https://feedsoft.ai/events/34851-surprise-china-lending-rate-cut-drags-ringgit-lower-fmt.md) | +0.4% | +0.4% |
| USDCNY | 2021-01-06 | [China moves to curb yuan rally pressure due to hot money and export concerns \| South China Morning Post](https://feedsoft.ai/events/49366-china-moves-to-curb-yuan-rally-pressure-due-to-hot-money-and-export-concerns.md) | +0.1% | +0.3% |
| USDCNY | 2026-03-15 | [China encourages dollar buying to slow surging yuan](https://feedsoft.ai/events/11466-china-encourages-dollar-buying-to-slow-surging-yuan.md) | -0.2% | -1.0% |
| USDCNY | 2022-08-22 | [China cuts lending benchmarks to revive faltering economy \| Reuters](https://feedsoft.ai/events/40263-china-cuts-lending-benchmarks-to-revive-faltering-economy-reuters.md) | +0.8% | +2.8% |

## Sources

- euromoney.com: https://www.euromoney.com/article/2d3h62z3ev5j78g95tmgw/foreign-exchange/decoding-chinas-fx-guessing-game/

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