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A Reuters commentary discusses China's decision to hold the yuan steady rather than signal a large decline. It argues that a visible devaluation could accelerate capital flight as asset prices weaken.
Policy restraint on the yuan limits sharp currency moves that would change the dollar cost of Chinese feed imports, so the commodity impact is small.
reuters.comMike DolanJan 26, 2024After 991 past macro events, USDCNY moved a median -0.0% over 5 sessions (49% higher; middle half -0.3% to +0.3%), and -0.1% 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.
