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The PBOC increased yuan bill sales in Hong Kong during the week of August 24, tightening offshore liquidity. The move aimed to make shorting the yuan expensive, according to a former central banker.
Tighter offshore liquidity supports the yuan, which can make Chinese feed imports cheaper in local currency and sustain demand for US commodities.
reuters.comAug 24, 2023After 362 past bearish macro events, Chinese Yuan (CNY per USD) moved a median -0.1% over 5 sessions (42% higher; middle half -0.4% to +0.1%), and -0.2% 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.
