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China's yuan neared the 7-per-dollar level after the PBOC set its daily midpoint at 6.9572, its weakest since late December. The yuan traded around 6.9677, its weakest in nearly three months, after a hotter-than-expected US inflation report lifted the dollar and Treasury yields.
A weaker yuan makes Chinese feed and commodity imports dearer in local terms, which can dampen Chinese buying of US and Brazilian feed ingredients.
investing.comAmbar WarrickFeb 27, 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.
