# CNY/USD: Offshore Yuan Rises Most on Record as China Banks Sell Dollars - Bloomberg

> 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.

- Date: 2022-10-26 · published 2022-10-26T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/39355-cny-usd-offshore-yuan-rises-most-on-record-as-china-banks-sell-dollars-bloomberg
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

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.

## Read by commodity

- USDCNY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2024-09-25 | [CNY USD: Yuan Rallies Past 7 Per Dollar After China Stimulus Measures - Bloomberg](https://feedsoft.ai/events/28551-cny-usd-yuan-rallies-past-7-per-dollar-after-china-stimulus-measures-bloomberg.md) | -0.2% | +1.3% |
| USDCNY | 2017-01-05 | [China’s offshore yuan surges most against dollar in a year](https://feedsoft.ai/events/73180-china-s-offshore-yuan-surges-most-against-dollar-in-a-year.md) | +0.1% | -1.0% |
| USDCNY | 2026-07-30 | [CNY USD: Yuan Rises to Highest Since Early 2023 as Dollar Drops After Fed - Bloomberg](https://feedsoft.ai/events/18568-cny-usd-yuan-rises-to-highest-since-early-2023-as-dollar-drops-after-fed.md) | -0.3% | -0.6% |
| USDCNY | 2021-09-30 | [Dollar (USD) Rally Challenges China Recovery With Yuan (RMB) Gains - Bloomberg](https://feedsoft.ai/events/45272-dollar-usd-rally-challenges-china-recovery-with-yuan-rmb-gains-bloomberg.md) | -0.4% | -1.2% |
| USDCNY | 2023-07-20 | [Exclusive: China's state banks selling dollars offshore to slow yuan declines, sources say](https://feedsoft.ai/events/35258-exclusive-china-s-state-banks-selling-dollars-offshore-to-slow-yuan-declines.md) | -1.0% | +1.0% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2022-10-26/offshore-yuan-gains-1-as-banks-sell-dollars-better-sentiment

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.