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Chinese authorities have asked major banks to stagger and adjust their dollar purchases, according to sources. The move follows widening yield gaps with the US and a weak domestic recovery that have put pressure on the yuan, with exporters holding dollar earnings offshore.
Managing yuan weakness through capital controls signals ongoing currency stress that can affect the cost of dollar-denominated agricultural imports for China.
reuters.comSep 14, 2023After 398 past bullish macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (56% higher; middle half -0.3% to +0.5%), and +0.0% 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.
