# FX Daily: People’s Bank of China loosens its hold on the renminbi | articles | ING THINK

> The People's Bank of China set a much weaker USD/CNY midpoint fixing of 7.1668, after holding the rate near 7.11 since late September. ING reads this as Beijing allowing market forces a bigger role in the yuan and a dollar-positive development.

- Date: 2022-10-25 · published 2022-10-25T12:00:00.000Z
- Category: macro · region China · magnitude medium
- Page: https://feedsoft.ai/events/39356-fx-daily-people-s-bank-of-china-loosens-its-hold-on-the-renminbi-articles-ing
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

A weaker yuan raises the cost of dollar-priced imports for China, which can slow purchases of US soybeans, corn and meal at the margin. It also signals policy tolerance for further yuan weakness.

## Read by commodity

- USDCNY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2025-04-16 | [Asia FX Talking: Pressure builds on the renminbi \| articles \| ING THINK](https://feedsoft.ai/events/25366-asia-fx-talking-pressure-builds-on-the-renminbi-articles-ing-think.md) | -0.0% | -1.5% |
| USDCNY | 2022-05-09 | [FX Daily: Renminbi re-appraisal keeps emerging market FX on back foot \| articles \| ING THINK](https://feedsoft.ai/events/10989-fx-daily-renminbi-re-appraisal-keeps-emerging-market-fx-on-back-foot-articles.md) | +1.8% | -0.2% |
| USDCNY | 2019-06-03 | [China: Revising yuan lower but 7.0 should hold \| articles \| ING THINK](https://feedsoft.ai/events/58821-china-revising-yuan-lower-but-7-0-should-hold-articles-ing-think.md) | +0.0% | -0.5% |
| USDCNY | 2019-05-08 | [EM FX: Floating in a sea of red \| articles \| ING THINK](https://feedsoft.ai/events/10432-em-fx-floating-in-a-sea-of-red-articles-ing-think.md) | +1.4% | +2.0% |
| USDCNY | 2020-02-20 | [Breaking: The People's Bank of China cut interest rates: AUD and Yuan sliding — Octa](https://feedsoft.ai/events/54798-breaking-the-people-s-bank-of-china-cut-interest-rates-aud-and-yuan-sliding-octa.md) | +0.3% | +0.7% |

## Sources

- think.ing.com: https://think.ing.com/articles/fx-daily-peoples-bank-of-china-loosens-its-hold-on-the-renminbi/

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