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China's yuan hovered near a four-month high against the dollar on Thursday, supported by a firmer PBOC midpoint fixing. Trading was thin because overseas markets were closed for the Thanksgiving holiday.
Analysts said the authorities have used dollar weakness to guide the fix stronger.
A firmer yuan on official guidance signals Beijing's preference for currency stability, which can support Chinese import purchasing power. The effect on feed commodity prices is limited because the move is driven by policy and a weaker dollar.
brecorder.comReutersNov 23, 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.
