# What’s driving the renminbi in China? | Oxford Economics

> Oxford Economics research says domestic fundamentals drive renminbi movements more than external factors such as rate differentials. It expects the currency to stay near historical highs into 2024 because of dollar strength, credit stress and further rate cuts.

- Date: 2023-10-16 · published 2023-10-16T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/33862-what-s-driving-the-renminbi-in-china-oxford-economics
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

The analysis suggests persistent yuan strength or weakness will depend on domestic credit and rate policy, which shapes the dollar cost of Chinese feed imports. The outlook gives no immediate price shock for feed commodities.

## Read by commodity

- USDCNY: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2022-03-01 | [China's renminbi (CNY) will benefit from its safe haven status \| Oxford Economics](https://feedsoft.ai/events/42490-china-s-renminbi-cny-will-benefit-from-its-safe-haven-status-oxford-economics.md) | +0.2% | +1.0% |
| USDCNY | 2024-02-22 | [China’s ‘renminbi trap’: The economy needs a weaker currency, but Beijing is unable to act \| Chatham House – International Affairs Think Tank](https://feedsoft.ai/events/31898-china-s-renminbi-trap-the-economy-needs-a-weaker-currency-but-beijing-is-unable.md) | +0.1% | +0.1% |
| USDCNY | 2024-06-17 | [Asia FX Talking: China to continue resisting a weaker renminbi \| articles \| ING THINK](https://feedsoft.ai/events/30010-asia-fx-talking-china-to-continue-resisting-a-weaker-renminbi-articles-ing-think.md) | +0.0% | +0.2% |
| USDCNY | 2023-09-11 | [China issues strong warning against bets on renminbi depreciation](https://feedsoft.ai/events/34332-china-issues-strong-warning-against-bets-on-renminbi-depreciation.md) | -0.9% | -0.6% |
| USDCNY | 2024-02-27 | [China props up renminbi ahead of leadership summit in March](https://feedsoft.ai/events/31895-china-props-up-renminbi-ahead-of-leadership-summit-in-march.md) | +0.0% | +0.2% |

## Sources

- oxfordeconomics.com: https://www.oxfordeconomics.com/resource/whats-driving-the-renminbi-in-china/

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