# Commodity weekly: China and FOMC woes weigh | Saxo UK

> Commodities sold off during the week as minutes from the latest FOMC meeting suggested the Fed had not done enough to fight sticky inflation. Chinese economic weakness, driven by property sector fears, pushed the offshore yuan toward a multi-year low before state banks and the PBoC intervened. Bond yields approached pre-financial-crisis levels.

- Date: 2023-08-18 · published 2023-08-18T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/34488-commodity-weekly-china-and-fomc-woes-weigh-saxo-uk
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A weaker yuan and slowing Chinese demand reduce import appetite for China-linked commodities, while higher US yields strengthen the dollar and pressure prices.

## Read by commodity

- DXY: bullish ▲
- USDCNY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2017-01-25 | [Surprise China MLF rate rise weighs on bonds; yuan and money rates fall \| Reuters](https://feedsoft.ai/events/73175-surprise-china-mlf-rate-rise-weighs-on-bonds-yuan-and-money-rates-fall-reuters.md) | +0.3% | +0.3% |
| USDCNY | 2026-06-29 | [Chinese Yuan: China slowdown weighs on CNY against US Dollar – Commerzbank](https://feedsoft.ai/events/19039-chinese-yuan-china-slowdown-weighs-on-cny-against-us-dollar-commerzbank.md) | -0.0% | -0.5% |
| USDCNY | 2017-10-26 | [China's yuan weakens on US dollar strength, set for 2nd weekly loss - The Business Times](https://feedsoft.ai/events/68677-china-s-yuan-weakens-on-us-dollar-strength-set-for-2nd-weekly-loss-the-business.md) | -0.5% | -0.5% |
| USDCNY | 2022-05-13 | [China’s yuan extends declines to new 19 month low, set for 6th weekly drop](https://feedsoft.ai/events/9859-china-s-yuan-extends-declines-to-new-19-month-low-set-for-6th-weekly-drop.md) | -1.1% | -1.1% |
| USDCNY | 2024-07-24 | [Chinese yuan hits eight-month low as commodities currencies continue slide](https://feedsoft.ai/events/7522-chinese-yuan-hits-eight-month-low-as-commodities-currencies-continue-slide.md) | -0.3% | -2.0% |
| DXY | 2019-08-21 | [Weekly Pricing Pulse: Recession worries undercut commodity prices](https://feedsoft.ai/events/57752-weekly-pricing-pulse-recession-worries-undercut-commodity-prices.md) | +0.3% | -0.3% |
| DXY | 2024-12-19 | [The Commodities Feed: Fed comments weigh on the complex \| ING THINK](https://feedsoft.ai/events/26850-the-commodities-feed-fed-comments-weigh-on-the-complex-ing-think.md) | +0.5% | +1.4% |
| DXY | 2022-09-08 | [The Commodities Feed: USD strength and demand worries \| articles \| ING THINK](https://feedsoft.ai/events/14903-the-commodities-feed-usd-strength-and-demand-worries-articles-ing-think.md) | -0.3% | +1.6% |

## Sources

- home.saxo: https://www.home.saxo/en-gb/content/articles/commodities/commodity-weekly-18082023

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