# China sets yuan at much stronger fixing than markets expected

> China's central bank set the yuan midpoint at 7.0948 per dollar, about 1,311 pips stronger than Reuters' estimate of 7.2259, the widest gap since November 2023. The move follows the yuan's slide to a four-month low the prior Friday.

- Date: 2024-03-28 · published 2024-03-28T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/31439-china-sets-yuan-at-much-stronger-fixing-than-markets-expected
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

A stronger-than-expected fix signals Beijing is leaning against yuan weakness, which reduces the pressure for a sharp depreciation that would make US feed and oilseed exports pricier for Chinese buyers. Feed buyers should expect firmer Chinese import demand to be less pressured by currency moves.

## Read by commodity

- USDCNY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2018-08-27 | [China sets yuan fix stronger than expected, revives 'X' factor By Reuters](https://feedsoft.ai/events/63742-china-sets-yuan-fix-stronger-than-expected-revives-x-factor-by-reuters.md) | +0.4% | +0.8% |
| USDCNY | 2026-02-01 | [China Sets Yuan Fixing Stronger Than 7 for First Time Since 2023](https://feedsoft.ai/events/21278-china-sets-yuan-fixing-stronger-than-7-for-first-time-since-2023.md) | -0.2% | -1.0% |
| USDCNY | 2024-11-13 | [PBOC pulls China’s yuan off 3-month low with stronger-than-expected fix - Markets - Business Recorder](https://feedsoft.ai/events/6696-pboc-pulls-china-s-yuan-off-3-month-low-with-stronger-than-expected-fix-markets.md) | +0.1% | +0.4% |
| USDCNY | 2024-02-06 | [China’s yuan rises on firmer-than-expected fix, stock market support - Markets - Business Recorder](https://feedsoft.ai/events/31899-china-s-yuan-rises-on-firmer-than-expected-fix-stock-market-support-markets.md) | -0.1% | -0.0% |
| USDCNY | 2023-07-31 | [China’s yuan inches higher after better-than-expected PMI data - Markets - Business Recorder](https://feedsoft.ai/events/35259-china-s-yuan-inches-higher-after-better-than-expected-pmi-data-markets-business.md) | +0.3% | +2.0% |

## Sources

- reuters.com: https://www.reuters.com/markets/currencies/china-sets-yuan-much-stronger-fixing-than-markets-expected-2024-03-28/

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