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The yuan weakened against the dollar after Minneapolis Fed President Kashkari said he favoured pushing rates above 5.4%. Markets were uncertain whether the Fed would hike by 25 or 50 basis points, and investors also awaited China's National People's Congress.
A weaker yuan raises the local cost of dollar-priced feed imports for Chinese buyers, which can slightly reduce import demand. The effect is limited and mainly on sentiment.
brecorder.comReutersMar 2, 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.
