# China issues strong warning against bets on renminbi depreciation

> 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.

- Date: 2023-09-11 · published 2023-09-11T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/34332-china-issues-strong-warning-against-bets-on-renminbi-depreciation
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

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.

## Read by commodity

- USDCNY: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2024-08-23 | [CNY at a glance: Is the worst of China’s depreciation pressure over? \| ING THINK](https://feedsoft.ai/events/29028-cny-at-a-glance-is-the-worst-of-china-s-depreciation-pressure-over-ing-think.md) | -0.7% | -1.3% |
| USDCNY | 2024-10-07 | [Renminbi on track for stability against USD - Chinadaily.com.cn](https://feedsoft.ai/events/11043-renminbi-on-track-for-stability-against-usd-chinadaily-com-cn.md) | +0.7% | +1.2% |
| USDCNY | 2022-09-29 | ['Do not bet': China's central bank PBOC warns against yuan speculation](https://feedsoft.ai/events/39805-do-not-bet-china-s-central-bank-pboc-warns-against-yuan-speculation.md) | -1.2% | +0.3% |
| USDCNY | 2018-02-09 | [China says yuan no longer a one-way bet as currency slides against US dollar \| South China Morning Post](https://feedsoft.ai/events/66717-china-says-yuan-no-longer-a-one-way-bet-as-currency-slides-against-us-dollar.md) | +0.3% | +0.1% |
| USDCNY | 2023-10-16 | [What’s driving the renminbi in China? \| Oxford Economics](https://feedsoft.ai/events/33862-what-s-driving-the-renminbi-in-china-oxford-economics.md) | +0.1% | -0.2% |

## Sources

- ft.com: https://www.ft.com/content/badf9bd8-c6ac-47c9-a2be-1dd9084e6ba0

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