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The offshore yuan weakened past 7.30 per dollar the week of August 14, near last year's low. The PBOC responded with verbal warnings and its largest daily reference rate bias on record.
Persistent yuan weakness and Chinese intervention raise uncertainty about Chinese import capacity for feed commodities.
bloomberg.comGeorge Lei, Carter JohnsonAug 22, 2023After 398 past bullish macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (56% higher; middle half -0.3% to +0.5%), 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.
