# China yuan slides to four-month low, state banks step in | Reuters

> The onshore yuan fell to 7.24 per dollar on March 22, its weakest since November 2023, before state-owned banks stepped in and the currency recovered by the close. Traders linked the sell-off to expectations of monetary easing and a weaker yen.

- Date: 2024-03-22 · published 2024-03-22T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/31441-china-yuan-slides-to-four-month-low-state-banks-step-in-reuters
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

Yuan weakness raises the cost of imported feed commodities for Chinese buyers, which can slow purchases. The intervention limited the move, so the price impact on feed markets is small.

## Read by commodity

- USDCNY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2022-09-28 | [China's yuan slides to 14-year low after US rate hikes \| AP News](https://feedsoft.ai/events/8604-china-s-yuan-slides-to-14-year-low-after-us-rate-hikes-ap-news.md) | -0.9% | -0.1% |
| USDCNY | 2016-06-27 | [Update \| Chinese yuan slides to 5-year low, pound slumps further in Brexit aftershock \| South China Morning Post](https://feedsoft.ai/events/12457-update-chinese-yuan-slides-to-5-year-low-pound-slumps-further-in-brexit.md) | +0.6% | +1.0% |
| USDCNY | 2022-05-09 | [Chinese Yuan Slips To An 18-Month Low - Asia Financial News](https://feedsoft.ai/events/8317-chinese-yuan-slips-to-an-18-month-low-asia-financial-news.md) | +1.8% | -0.2% |
| USDCNY | 2022-04-21 | [China's yuan slides to 6-month low as tightening prospects help dollar \| Financial Post](https://feedsoft.ai/events/7337-china-s-yuan-slides-to-6-month-low-as-tightening-prospects-help-dollar.md) | +2.2% | +5.2% |
| USDCNY | 2019-08-09 | [China lowers yuan mid-point to fresh 11-year low, but higher than forecasts \| Reuters](https://feedsoft.ai/events/8381-china-lowers-yuan-mid-point-to-fresh-11-year-low-but-higher-than-forecasts.md) | -0.2% | +1.0% |

## Sources

- reuters.com: https://www.reuters.com/markets/currencies/china-yuan-drops-four-month-low-state-banks-step-2024-03-22/

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