# Asia pushes back on 'excessive' currency moves amid enduring dollar strength

> Japanese, Malaysian and Chinese officials pushed back against excessive currency moves after the yen, ringgit and yuan hit seven-month lows against the dollar. China also set the yuan fix stronger than expected three times in one week.

- Date: 2023-06-29 · published 2023-06-29T12:00:00.000Z
- Category: macro · region Asia · magnitude medium
- Page: https://feedsoft.ai/events/35771-asia-pushes-back-on-excessive-currency-moves-amid-enduring-dollar-strength
- Commodities: [Malaysian Ringgit (MYR per USD)](https://feedsoft.ai/c/USDMYR.md), [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md), [Japanese Yen (JPY per USD)](https://feedsoft.ai/c/USDJPY.md)

## Why it matters

Stronger Asian currencies would lower local import costs for feed ingredients, but the dollar's underlying strength limits any relief for dollar-priced grain and meal. Currency intervention is a short-term factor.

## Read by commodity

- USDCNY: bearish ▼
- USDJPY: bearish ▼
- USDMYR: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2022-12-05 | [China’s yuan strengthens past 7 per US dollar amid easing of coronavirus curbs \| South China Morning Post](https://feedsoft.ai/events/6581-china-s-yuan-strengthens-past-7-per-us-dollar-amid-easing-of-coronavirus-curbs.md) | -0.9% | -1.5% |
| USDCNY | 2018-02-08 | [Yuan strengthens as investors move currency into country](https://feedsoft.ai/events/7103-yuan-strengthens-as-investors-move-currency-into-country.md) | +1.3% | +1.2% |
| USDCNY | 2022-12-07 | [Dollar falls against major currencies amid economy concerns; yuan strengthens \| Reuters](https://feedsoft.ai/events/6576-dollar-falls-against-major-currencies-amid-economy-concerns-yuan-strengthens.md) | -0.7% | -1.6% |
| USDCNY | 2020-03-11 | [Chinese Currency Rises Against US Dollar For Five Straight Days](https://feedsoft.ai/events/10774-chinese-currency-rises-against-us-dollar-for-five-straight-days.md) | +0.7% | +1.3% |
| USDCNY | 2024-07-25 | [Chinese yuan strengthens sharply as Beijing pushes back for now - The Pound Hub](https://feedsoft.ai/events/29510-chinese-yuan-strengthens-sharply-as-beijing-pushes-back-for-now-the-pound-hub.md) | -0.6% | -1.8% |

## Sources

- cnbc.com: https://www.cnbc.com/2023/06/29/asia-pushes-back-on-excessive-currency-moves-amid-enduring-dollar-strength.html?taid=649ccf32f702930001ee46c9

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.