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China's yuan weakened against the dollar after a official factory survey showed the manufacturing PMI contracted for a fourth straight month in January. Long-dated government bond yields fell to their lowest in about 22 years on easing bets, and the PBOC set its midpoint at 7.1039.
A weaker yuan and wider rate gap with the US make dollar-priced imports from China costlier and signal weak Chinese demand, a mild negative for feed-ingredient demand.
brecorder.comReutersJan 31, 2024After 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.
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.
