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Reuters reports that many countries are welcoming the falling Chinese yuan, which has lost more than 8% of its value against the dollar. The article notes that a weaker yuan makes imports of energy and food more expensive for Chinese consumers.
A weaker yuan makes Chinese purchases of dollar-priced feed ingredients more expensive, which can curb import demand for US soybeans and meal and weigh on prices.
reuters.comAug 25, 2022After 398 past bullish macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (56% higher; middle half -0.3% to +0.5%), and +0.0% over 20.
After 273 past bearish macro events, Soybeans moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.4%), and -0.5% 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.
