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Beijing issued a strong warning against bets on renminbi depreciation after the currency rebounded from a 16-year low, with the PBOC pledging to keep the exchange rate stable. State banks were buying yuan more actively, and the currency rose as much as 1% to 7.2698 per dollar.
Official intervention to support the yuan reduces the near-term pressure on China's dollar-based import costs, which modestly eases the outlook for grain import demand.
ft.comCheng Leng, Hudson Lockett, Joe LeahySep 11, 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.
