◂ Event Timeline

Apr 19, 2023MACROChina

China’s yuan softens ahead of key lending rate moves - Markets

The yuan weakened on Wednesday in subdued trade ahead of the loan prime rate decision on April 20. Benchmark lending rates had been unchanged for seven months, and strong Q1 GDP and March retail sales reduced the chance of near-term rate cuts.

WHY IT MATTERS

Expectations of no near-term Chinese rate cuts limit stimulus-driven demand for feed and commodities. The currency move itself is minor for grain prices.

AFFECTSChinese Yuan (CNY per USD)▲

SOURCE
brecorder.comReutersApr 19, 2023

Price reaction & history

Chinese Yuan (CNY per USD)▲bullishSO FAR1d +0.1%5d +0.8%20d +1.4%

After 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.

Oct 31, 2024China’s yuan eases ahead of US election, shrugs off strong PMI - Markets - Business Recorder+0.8%
Oct 21, 2024China’s yuan steady after LPR cuts, eyes on US election - Markets - Business Recorder+0.3%
Apr 28, 2023China’s yuan rebounds, but looks set for a losing month - Markets - Business Recorder-0.2%
Jun 8, 2022China’s yuan eases amid concerns of increasing policy divergence - Markets - Business Recorder+1.1%
Nov 16, 2023China’s yuan weakens on persistent property sector woes - Markets - Business Recorder-1.3%

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.

Chinese Yuan (CNY per USD) USDCNY · GP ▸

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