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Major Chinese state-owned banks were seen buying offshore yuan on August 21 to counter currency weakness. The yuan is under pressure from a weakening economy and strain in the property sector.
State intervention to defend the yuan affects the cost of dollar-denominated Chinese feed imports, influencing import demand expectations.
reuters.comAug 21, 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.
