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China's yuan steadied against the dollar ahead of the Federal Reserve's policy meeting, trading in a narrow range. The PBOC set its midpoint at a two-week high.
Traders said recovery signs in China's economy supported the currency.
Currency moves here are routine and only marginally affect feed import costs. Fed-driven dollar strength would matter more for commodity prices broadly.
kitco.comJan 31, 2023After 169 past neutral macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (50% higher; middle half -0.3% to +0.2%), 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.
