# China’s yuan bounces on state bank support, offshore tightness - Markets - Business Recorder

> 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.

- Date: 2023-09-22 · published 2023-09-22T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/34329-china-s-yuan-bounces-on-state-bank-support-offshore-tightness-markets-business
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

State intervention limiting yuan losses shapes the currency backdrop for Chinese feed buyers, but the impact on grain prices is modest.

## Read by commodity

- USDCNY: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2024-01-22 | [China’s yuan holds steady on unchanged lending rates; offshore yuan liquidity tight - Markets - Business Recorder](https://feedsoft.ai/events/32359-china-s-yuan-holds-steady-on-unchanged-lending-rates-offshore-yuan-liquidity.md) | -0.2% | -0.0% |
| USDCNY | 2023-02-01 | [China’s yuan steadies ahead of Fed decision - Markets - Business Recorder](https://feedsoft.ai/events/37554-china-s-yuan-steadies-ahead-of-fed-decision-markets-business-recorder.md) | +0.5% | +1.7% |
| USDCNY | 2026-04-28 | [China's yuan steady as traders await Fed meet - Markets - Business Recorder](https://feedsoft.ai/events/19949-china-s-yuan-steady-as-traders-await-fed-meet-markets-business-recorder.md) | +0.1% | -0.5% |
| USDCNY | 2024-11-19 | [Yuan steadies at 3-1/2-mth low on firmer-than-expected fix, tighter offshore conditions - Markets - Business Recorder](https://feedsoft.ai/events/27631-yuan-steadies-at-3-1-2-mth-low-on-firmer-than-expected-fix-tighter-offshore.md) | +0.0% | +0.7% |
| USDCNY | 2023-11-27 | [China’s yuan flat - Business & Finance - Business Recorder](https://feedsoft.ai/events/33390-china-s-yuan-flat-business-and-finance-business-recorder.md) | -0.1% | -0.2% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40264527

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