# Yuan looks to first weekly gain in seven as state banks set to step in - Markets - Business Recorder

> 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.

- Date: 2022-09-30 · published 2022-09-30T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/39806-yuan-looks-to-first-weekly-gain-in-seven-as-state-banks-set-to-step-in-markets
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

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.

## Read by commodity

- USDCNY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2024-09-30 | [China’s yuan poised for best quarter since 2020; state banks try to slow gains - Markets - Business Recorder](https://feedsoft.ai/events/28550-china-s-yuan-poised-for-best-quarter-since-2020-state-banks-try-to-slow-gains.md) | +0.1% | +1.6% |
| USDCNY | 2023-05-26 | [China’s yuan rebounds after state banks sell dollars to lend support - Markets - Business Recorder](https://feedsoft.ai/events/36177-china-s-yuan-rebounds-after-state-banks-sell-dollars-to-lend-support-markets.md) | +0.1% | +2.2% |
| USDCNY | 2025-11-28 | [China’s yuan set for longest monthly win streak since 2021 - Markets - Business Recorder](https://feedsoft.ai/events/22171-china-s-yuan-set-for-longest-monthly-win-streak-since-2021-markets-business.md) | -0.1% | -1.0% |
| USDCNY | 2022-06-16 | [China’s yuan climbs to week high after expected Fed move - Markets - Business Recorder](https://feedsoft.ai/events/41169-china-s-yuan-climbs-to-week-high-after-expected-fed-move-markets-business.md) | -0.2% | +0.7% |
| USDCNY | 2021-08-11 | [Strong demand lifts yuan, despite firmer dollar - Markets - Business Recorder](https://feedsoft.ai/events/45785-strong-demand-lifts-yuan-despite-firmer-dollar-markets-business-recorder.md) | +0.0% | -0.4% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40200585

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