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China's central bank set the yuan fixing at 7.2292 per dollar, weaker than the 7.2287 analyst estimate, ending a 47-session run of stronger-than-expected fixings. The move followed a yuan rebound in onshore and offshore trading amid speculation Beijing would relax zero-COVID policy.
The end of state support for the yuan signals a market-driven currency, which adds volatility to China's dollar-priced commodity purchases.
caixinglobal.comNov 7, 2022After 169 past neutral macro events, USDCNY 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.
