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The onshore yuan strengthened back against the dollar after a sharp decline, with the central parity rate returning below 7.1. Analysts said the central bank appeared to test how much depreciation the market would accept.
The rebound eases short-term pressure on Chinese import costs for feed ingredients. Expectations of a gradual depreciation, however, keep longer-term purchasing costs in focus.
yicaiglobal.comZhou AilinMar 26, 2024After 169 past neutral macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (50% higher; middle half -0.3% to +0.2%), and -0.0% 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.
