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The yuan strengthened against the dollar after the PBOC set a firmer-than-expected daily midpoint and China's sovereign fund pledged more support for stock markets. The midpoint was 7.1082 per dollar, slightly weaker than the previous fix but still firmer than market estimates.
A firmer yuan supports Chinese purchasing power for imported feed ingredients, but the move is small and driven by official management rather than fundamentals. It has little direct effect on grain or meal prices.
brecorder.comReutersFeb 6, 2024After 362 past bearish macro events, Chinese Yuan (CNY per USD) moved a median -0.1% over 5 sessions (42% higher; middle half -0.4% to +0.1%), and -0.2% 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.
