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China's yuan jumped to a more than two-week high against a weakening dollar after the Federal Reserve delivered a 25 basis point hike and Powell said disinflation had started. The PBOC set its midpoint at 6.7130, the strongest since July, and the onshore spot rate strengthened to about 6.71.
A firmer yuan lowers the local cost of dollar-priced imports, which can modestly support Chinese feed buying, while a softer dollar eases pressure on commodity prices.
brecorder.comReutersFeb 2, 2023After 362 past bearish macro events, Chinese Yuan (CNY per USD) moved a median -0.1% over 5 sessions (42% higher; middle half -0.4% to +0.1%), and -0.2% 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.
