# Chinese yuan approaches 7 level as PBOC slashes midpoint rate By Investing.com

> 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.

- Date: 2023-02-27 · published 2023-02-27T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/37549-chinese-yuan-approaches-7-level-as-pboc-slashes-midpoint-rate-by-investing-com
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

A weaker yuan makes Chinese feed and commodity imports dearer in local terms, which can dampen Chinese buying of US and Brazilian feed ingredients.

## Read by commodity

- USDCNY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2020-09-24 | [SA Rand Follows Chinese Yuan, Euro Lower as U.S. Dollar Rebound Continues \| Investing.com ZA](https://feedsoft.ai/events/51396-sa-rand-follows-chinese-yuan-euro-lower-as-u-s-dollar-rebound-continues.md) | -0.3% | -1.9% |
| USDCNY | 2020-07-30 | [Chinese Yuan Slips As PBoC Injects Liquidity Into Banking System](https://feedsoft.ai/events/52326-chinese-yuan-slips-as-pboc-injects-liquidity-into-banking-system.md) | -0.9% | -1.7% |
| USDCNY | 2020-04-16 | [Chinese Yuan Weakens As PBoC Pumps More Liquidity Into Economy](https://feedsoft.ai/events/53877-chinese-yuan-weakens-as-pboc-pumps-more-liquidity-into-economy.md) | +0.2% | +0.3% |
| USDCNY | 2020-03-19 | [Chinese Yuan Slides As Finance Investors Rush To Safe Haven Dollar](https://feedsoft.ai/events/54323-chinese-yuan-slides-as-finance-investors-rush-to-safe-haven-dollar.md) | +0.9% | +0.3% |
| USDCNY | 2022-10-25 | [China’s Yuan CNY USD Drops as PBOC Sets Fix at Weakest Level in 14 Years - Bloomberg](https://feedsoft.ai/events/6933-china-s-yuan-cny-usd-drops-as-pboc-sets-fix-at-weakest-level-in-14-years.md) | +0.6% | -1.7% |

## Sources

- investing.com: https://www.investing.com/news/forex-news/chinese-yuan-approaches-7-level-as-pboc-slashes-midpoint-rate-3014828

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.