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State banks swapped yuan for dollars onshore and sold dollars in the spot market from January 3 to 5 to support the currency, according to sources. The yuan had fallen to a three-week low near 7.1682 per dollar amid a resurgent US dollar and rate-cut expectations.
State support for the yuan slows its depreciation, which slightly eases the dollar cost of Chinese imports, with limited direct effect on feed prices.
reuters.comJan 5, 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.
