# Onshore yuan trades at its weakest against dollar since November last year

> The onshore yuan fell to its weakest level against the dollar since November 20, 2023, after the PBOC cut the five-year loan prime rate from 4.20% to 3.95%. The article says the central bank is worried about capital outflows and a run on the currency.

- Date: 2024-02-20 · published 2024-02-20T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/31900-onshore-yuan-trades-at-its-weakest-against-dollar-since-november-last-year
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

A weaker yuan raises the cost of dollar-priced imports for China and can reduce its appetite for US feed grains and meal. Concern about capital flight suggests continued pressure on the currency.

## Read by commodity

- USDCNY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2019-05-18 | [Onshore Yuan Breaks 6.9 Against U.S. Dollar as Trade War Intensifies - Caixin Global](https://feedsoft.ai/events/59281-onshore-yuan-breaks-6-9-against-u-s-dollar-as-trade-war-intensifies-caixin.md) | -0.3% | +0.1% |
| USDCNY | 2018-10-29 | [China's yuan finishes onshore trading at weakest since 2008 By Reuters](https://feedsoft.ai/events/62763-china-s-yuan-finishes-onshore-trading-at-weakest-since-2008-by-reuters.md) | -0.8% | +0.1% |
| USDCNY | 2019-08-05 | [Yuan sinks past seven against the dollar to over decade low](https://feedsoft.ai/events/5372-yuan-sinks-past-seven-against-the-dollar-to-over-decade-low.md) | +1.8% | +3.1% |
| USDCNY | 2024-07-01 | [China Loosens Grip on Yuan With Weakest Fixing Since November](https://feedsoft.ai/events/30008-china-loosens-grip-on-yuan-with-weakest-fixing-since-november.md) | +0.0% | -0.1% |
| USDCNY | 2016-10-13 | [Dollar stalls, yuan hits 6-year low on Chinese trade dip](https://feedsoft.ai/events/5888-dollar-stalls-yuan-hits-6-year-low-on-chinese-trade-dip.md) | +0.3% | +0.9% |

## Sources

- investinglive.com: https://investinglive.com/centralbank/onshore-yuan-trades-at-its-weakest-against-dollar-since-november-last-year-20240220/

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