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The yuan strengthened past the 7-per-dollar level on Monday to its highest since mid-September after Beijing eased some COVID-19 restrictions. The currency was also supported by expectations of slower US interest rate hikes, which pushed the dollar index near five-month lows.
A firmer yuan lowers the dollar cost of Chinese imports and can support Chinese demand for commodities. Softer dollar conditions generally lift dollar-priced grain and oilseed prices.
reuters.comDec 5, 2022After 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.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), 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.
