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China's major state-owned banks were seen selling dollars to buy yuan in the offshore spot market in early Asian trade, according to two sources. The same day, the central bank relaxed a cross-border financing rule, and the offshore yuan rose more than 0.7% to 7.1812 per dollar.
Yuan support and easier overseas borrowing reduce depreciation pressure, which marginally lowers the cost of Chinese imports of feed ingredients priced in dollars.
reuters.comJul 20, 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.
