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Citing four sources, Reuters reported that Chinese state-owned banks were seen selling dollars in the onshore market. The trades appeared aimed at pushing the yuan stronger and holding USD/CNY below 6.90 for the day.
State dollar selling supports the yuan and can reduce import costs for Chinese feed buyers, though it is a currency intervention rather than a change in grain demand.
investinglive.comJustin LowAug 31, 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.
