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Chinese financial analysts said short-term yuan pressure does not signal further major depreciation, given the pace of China's economic recovery. The offshore and onshore yuan had weakened to around 7.10 per dollar, the first time below 7.1 since November 30.
Dividend-related dollar demand and US debt ceiling risk were cited as factors.
Currency moves of this size have little direct effect on feed grain prices. The outlook for stability suggests no sharp change in China's import costs from currency alone.
chinadaily.com.cnShi Jing in ShanghaiMay 31, 2023After 169 past neutral macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (50% higher; middle half -0.3% to +0.2%), 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.
