# Offshore Chinese Yuan Gains Over 1,600 Pips Against US Dollar in Past Week

> The offshore yuan appreciated more than 1,600 pips against the dollar over the week to November 22, much faster than the decline in the US Dollar Index. Analysts attributed the rebound mainly to a short squeeze. The gap between the central parity rate and spot rates has been narrowing.

- Date: 2023-11-22 · published 2023-11-22T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/33394-offshore-chinese-yuan-gains-over-1-600-pips-against-us-dollar-in-past-week
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

A stronger yuan with a narrowing fixing gap lowers the cost of dollar-priced imports for China, which can support its commodity purchasing. Analysts questioned how long the rebound will last, so the price impact is modest.

## Read by commodity

- USDCNY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2017-01-05 | [China’s offshore yuan surges most against dollar in a year](https://feedsoft.ai/events/73180-china-s-offshore-yuan-surges-most-against-dollar-in-a-year.md) | +0.1% | -1.0% |
| USDCNY | 2024-09-25 | [Chinese yuan hits strongest level against dollar in over 16 months as investors assess PBOC stimulus](https://feedsoft.ai/events/28553-chinese-yuan-hits-strongest-level-against-dollar-in-over-16-months-as-investors.md) | -0.2% | +1.3% |
| USDCNY | 2017-01-05 | [China's Offshore Yuan is Bossing the US Dollar Around Today](https://feedsoft.ai/events/10253-china-s-offshore-yuan-is-bossing-the-us-dollar-around-today.md) | +0.1% | -1.0% |
| USDCNY | 2018-02-23 | [Chinese yuan against the dollar: China currency appreciation](https://feedsoft.ai/events/66714-chinese-yuan-against-the-dollar-china-currency-appreciation.md) | +0.1% | -0.3% |
| USDCNY | 2017-08-10 | [China’s yuan strengthens to 10-month high against US dollar](https://feedsoft.ai/events/69675-china-s-yuan-strengthens-to-10-month-high-against-us-dollar.md) | +0.3% | -2.8% |

## Sources

- yicaiglobal.com: https://www.yicaiglobal.com/news/offshore-chinese-yuan-gains-over-1600-pips-against-us-dollar-in-past-week

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.