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The PBOC set the onshore yuan reference rate at 7.1132 per dollar on November 28, well below the Reuters estimate of 7.1432. The fix was the strongest for the onshore yuan since June 9.
The bank also continued liquidity injections through open market operations.
A strong official fix signals that Beijing is leaning against yuan weakness, which supports Chinese import buying power. The impact on feed prices is indirect and modest.
investinglive.comEamonn SheridanNov 28, 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.
