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The People's Bank of China set the onshore yuan reference rate at 6.8536 per dollar on Thursday, stronger than the 6.8635 expected. The surprise fix signals Beijing's intent to shore up the currency after its sharp fall.
A firmer yuan eases the cost of dollar-priced feed imports for China and signals official resistance to further depreciation, which can ease the pressure on US soybean and grain demand.
markets.businessinsider.comGeorge GloverAug 25, 2022After 50 past bearish policy events, Chinese Yuan (CNY per USD) moved a median -0.1% over 5 sessions (46% higher; middle half -0.4% to +0.4%), and -0.0% 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.
