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Chinese state banks sold dollars for a second day to support the yuan. The move followed Moody's cutting its outlook on China's credit rating to negative, citing slower growth and property risks.
Support for the yuan lowers the cost of dollar-priced grain and meal imports for China, though weaker growth expectations point to softer Chinese feed demand.
reuters.comDec 6, 2023After 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.
