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The yuan posted its largest-ever one-day gain against the dollar in the offshore market, rallying broadly as investors bet the Federal Reserve will slow the pace of its rate hikes. Reports also said Chinese banks were selling dollars to support the currency.
A stronger yuan eases import costs for Chinese feed buyers and can support Chinese demand for soybeans, corn and meal priced in dollars. The move is mainly a currency story, so the effect on feed prices is modest.
bloomberg.comBloomberg NewsOct 26, 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.
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.
