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China's Q2 GDP grew 0.8% quarter-on-quarter, slower than expected, prompting stimulus expectations. The yuan lost about 0.37% to 7.1680 per dollar after the release and hit 8-month lows recently, down more than 3% year-to-date.
Weak Chinese growth signals softer feed demand from the largest importer, while yuan weakness raises import costs, pressuring soybean and meal buying.
reuters.comJul 17, 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.
After 117 past bearish macro events, Soybean Meal moved a median -0.6% over 5 sessions (41% higher; middle half -2.5% to +1.7%), and +0.5% 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.
