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The yuan rebounded on September 22 after state banks sold dollars in the spot market to slow its decline. The PBOC kept its midpoint fix far stronger than market forecasts for a fifth straight session, and the yuan was down about 5.5% year to date.
State intervention limiting yuan losses shapes the currency backdrop for Chinese feed buyers, but the impact on grain prices is modest.
brecorder.comReutersSep 22, 2023After 169 past neutral macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (50% higher; middle half -0.3% to +0.2%), 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.
