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The PBOC cut its seven-day reverse repo rate by 10 basis points from 2.0% to 1.9%, its first such move since August. The yuan weakened to 7.1618 per dollar after the move.
Large banks had cut deposit rates the previous week.
Easier policy is aimed at reviving a faltering recovery that would support Chinese livestock and feed demand, but the weaker yuan raises the dollar cost of imports.
cnbc.comJihye LeeJun 13, 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.
