Loading…
The onshore yuan closed at 7.3415 per dollar on September 8, its weakest close since December 2007. Capital outflow pressure, a widening yield gap with the US, and slowing post-pandemic recovery drove the decline, which left the currency down about 6.1% year to date.
A sharply weaker yuan raises the dollar cost of imports for China, a major buyer of soybeans and corn, which can weigh on US export demand and prices.
reuters.comSep 8, 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.
