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The yuan recovered all of its earlier losses on September 30, 2022, after Reuters reported that major state banks were told to be ready to support the currency offshore. Traders covered short yuan positions, and the onshore currency was heading for its first weekly gain since mid-August.
The yuan was still down more than 10% for the year.
A firmer yuan eases the cost of Chinese purchases of dollar-priced feed ingredients, but the move is a short-term rebound within a steep yearly decline. Market direction for China's feed demand will depend on whether state support holds after the National Day holiday.
brecorder.comReutersSep 30, 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.
