◂ Event Timeline

Mar 29, 2023MACROChina

China’s yuan eases, market awaits March PMIs for clues on economic recovery - Markets

The yuan eased against the dollar as the PBOC set its midpoint at a near two-week low and corporate dollar demand rose. Negative swap points and rising US Treasury yields added pressure, while markets awaited March manufacturing PMI data.

WHY IT MATTERS

A weaker yuan can make Chinese buyers pricier for dollar-priced soybeans, corn and meal, which may slow import demand at the margin. The effect on feed prices is small and short-term.

AFFECTSChinese Yuan (CNY per USD)▲

SOURCE
brecorder.comReutersMar 29, 2023

Price reaction & history

Chinese Yuan (CNY per USD)▲bullishSO FAR1d +0.2%5d +0.1%20d +0.9%

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%
Jan 31, 2024China’s yuan eases after PMI, dragged by falling bond yields - Markets - Business Recorder+0.2%
Jun 8, 2022China’s yuan eases amid concerns of increasing policy divergence - Markets - Business Recorder+1.1%
Apr 28, 2023China’s yuan rebounds, but looks set for a losing month - Markets - Business Recorder-0.2%
Oct 21, 2024China’s yuan steady after LPR cuts, eyes on US election - Markets - Business Recorder+0.3%

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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