# Yuan ends domestic session at weakest since 2007 as outflow pressure builds

> 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.

- Date: 2023-09-08 · published 2023-09-08T12:00:00.000Z
- Category: macro · region China · magnitude medium
- Page: https://feedsoft.ai/events/34331-yuan-ends-domestic-session-at-weakest-since-2007-as-outflow-pressure-builds
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

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.

## Read by commodity

- USDCNY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2024-11-07 | [CNY/USD: China Sets Yuan Fix at Weakest Since 2023 - Bloomberg](https://feedsoft.ai/events/6857-cny-usd-china-sets-yuan-fix-at-weakest-since-2023-bloomberg.md) | +0.7% | +1.3% |
| USDCNY | 2018-10-29 | [China's yuan finishes onshore trading at weakest since 2008 By Reuters](https://feedsoft.ai/events/62763-china-s-yuan-finishes-onshore-trading-at-weakest-since-2008-by-reuters.md) | -0.8% | +0.1% |
| USDCNY | 2022-09-28 | [China's yuan ends at weakest since global financial crisis, hits record low offshore \| Reuters](https://feedsoft.ai/events/7206-china-s-yuan-ends-at-weakest-since-global-financial-crisis-hits-record-low.md) | -0.9% | -0.1% |
| USDCNY | 2024-02-20 | [Onshore yuan trades at its weakest against dollar since November last year](https://feedsoft.ai/events/31900-onshore-yuan-trades-at-its-weakest-against-dollar-since-november-last-year.md) | +0.1% | +0.1% |
| USDCNY | 2022-10-24 | [CNY/USD: China Yuan Weakens Past 7.3 Per Dollar, All-Time Low Since 2010 - Bloomberg](https://feedsoft.ai/events/6932-cny-usd-china-yuan-weakens-past-7-3-per-dollar-all-time-low-since-2010-bloomberg.md) | +0.1% | -1.0% |

## Sources

- reuters.com: https://www.reuters.com/markets/currencies/yuan-ends-domestic-session-weakest-since-2007-outflow-pressure-builds-2023-09-08/

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