◂ Event Timeline

Jul 31, 2023MACROChina

China’s yuan inches higher after better-than-expected PMI data - Markets

The yuan inched higher against the dollar on July 31 after China's July manufacturing PMI showed a slower contraction, though activity fell for a fourth straight month. The PBOC set a firmer-than-expected midpoint of 7.1305 per dollar.

WHY IT MATTERS

A firmer yuan and weak manufacturing reflect soft Chinese demand conditions and policy support, with limited direct impact on feed commodity prices.

AFFECTSUSDCNY▼

SOURCE
brecorder.comReutersJul 31, 2023

Price reaction & history

USDCNY▼bearishSO FAR1d -0.1%5d +0.3%20d +2.0%

After 362 past bearish macro events, USDCNY moved a median -0.1% over 5 sessions (42% higher; middle half -0.4% to +0.1%), and -0.2% over 20.

Jul 15, 2021China's yuan inches higher, GDP data caps gains - Markets - Business Recorder-0.0%
Jun 16, 2022China’s yuan climbs to week high after expected Fed move - Markets - Business Recorder-0.2%
Jul 28, 2022China’s yuan touches two-week high after Fed appears less hawkish than expected - Markets - Business Recorder-0.0%
Feb 6, 2024China’s yuan rises on firmer-than-expected fix, stock market support - Markets - Business Recorder-0.1%
Oct 10, 2024China’s yuan inches higher as PBOC support offsets dollar strength - Markets - Business Recorder+0.6%

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.

USDCNY · GP ▸

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