◂ Event Timeline

Mar 8, 2023MACROChina

China's yuan weakens to 2-month low, with key 7-per-dollar level in sight

The yuan weakened to a more than two-month low against the dollar, approaching the psychologically important 7-per-dollar level. The move followed hawkish comments from Federal Reserve Chair Powell that lifted the dollar broadly.

WHY IT MATTERS

Dollar strength against the yuan raises the cost of US and Brazilian feed commodities for Chinese buyers, which can dampen import demand. The effect on prices is modest.

AFFECTSChinese Yuan (CNY per USD)▲

SOURCE
businesstimes.com.sgMar 8, 2023

Price reaction & history

Chinese Yuan (CNY per USD)▲bullishSO FAR1d -0.2%5d -1.3%20d -1.2%

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 26, 2017China's yuan weakens on US dollar strength, set for 2nd weekly loss - The Business Times-0.5%
Nov 1, 2018China’s Yuan Drops to a Decade-Low, 7 Per Dollar Now in Sight-0.8%
Jun 21, 2023China's yuan dips to 7-month low on lack of stimulus news, dollar strength | The Business Standard+0.5%
Nov 12, 2024China’s yuan weakens to 3-1/2-month low as Trump tariff threat weighs - Markets - Business Recorder+0.8%
Oct 24, 2022CNY/USD: China Yuan Weakens Past 7.3 Per Dollar, All-Time Low Since 2010 - Bloomberg+0.1%

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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