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China's yuan rebounded from a near seven-week low against the dollar on Friday as exporters converted dollar holdings ahead of a long holiday. The PBOC set the midpoint at 6.924 per dollar, the weakest since March 13, though the yuan is still on track for a monthly loss.
A weaker yuan makes Chinese purchases of dollar-priced feed ingredients costlier, which can dampen import demand and pressure soybean and meal prices. The effect on prices is modest given routine currency moves.
brecorder.comReutersApr 28, 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.
