◂ Event Timeline

Jun 29, 2022MACROChina

China's yuan firms as Beijing eases quarantine rules

China's yuan firmed on June 29 after Beijing halved quarantine time for inbound travelers, a major easing of COVID curbs. The PBOC midpoint was set at 6.7035, weaker than the prior fix, while spot traded near 6.70 per dollar.

WHY IT MATTERS

Stronger expected Chinese growth supports demand for commodities and feed imports, while a firmer yuan modestly lowers the local-currency cost of dollar-priced imports.

AFFECTSChinese Yuan (CNY per USD)▼

SOURCE
financialpost.comReutersJun 29, 2022

Price reaction & history

Chinese Yuan (CNY per USD)▼bearishSO FAR1d -0.1%5d 0.0%20d +0.7%

After 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.

Apr 22, 2021China's yuan nears six-week high as U.S. yields ease | Financial Post-0.2%
Dec 20, 2022China's yuan edges up as unchanged key lending rates offer no surprise | Financial Post-0.2%
Mar 18, 2021China's yuan hits 1-week high, but rally slows as Sino-U.S. meet looms | Financial Post+0.3%
Nov 23, 2021China's yuan firms on year-end demand, analysts expect weakness in 2022 | Financial Post-0.3%
Jan 28, 2021China's yuan inches up as tight liquidity pushes interbank rates higher | Financial Post-0.3%

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.

Chinese Yuan (CNY per USD) USDCNY · GP ▸

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