◂ Event Timeline

Mar 27, 2024MACROChina

As yuan skids, markets bet more depreciation is in store

China's yuan is sliding, and market participants suspect authorities are deliberately engineering a slow, light depreciation. The aim is to complement easy monetary policy and support exports.

WHY IT MATTERS

A managed weakening of the yuan makes Chinese buyers of US feed ingredients more price sensitive, though a gradual move limits the disruption. The effect on grain prices is modest and mostly indirect.

AFFECTSChinese Yuan (CNY per USD)▲

SOURCE
reuters.comRae Wee, Vidya RanganathanMar 27, 2024

Price reaction & history

Chinese Yuan (CNY per USD)▲bullishSO FAR1d +0.1%5d +0.2%20d +0.4%

After 398 past bullish macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (56% higher; middle half -0.3% to +0.5%), and +0.0% over 20.

Jan 5, 2022PBOC-backed newspaper warns of yuan depreciation pressure in 2022 | Reuters+0.0%
Jan 6, 2022China's yuan eases on hawkish Fed, warning of depreciation pressure | Reuters-0.1%
Jul 30, 2018China's yuan hits 13-month low on weaker fixing and depreciation bets+0.3%
May 1, 2024Yuan falls out of favour with China’s exporters as fears of depreciation mount-0.3%
Jan 17, 2025Markets are betting China will let yuan fall as Trump takes power, but not much | Reuters-1.2%

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.

Chinese Yuan (CNY per USD) USDCNY · GP ▸

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