# Renminbi on course for steepest monthly fall as China’s economy slows

> The renminbi is on track for its steepest monthly fall on record, down about 4.2% in April to roughly 6.6 per dollar. The sell-off intensified after President Xi announced an 'all out' infrastructure spending package to offset damage from Shanghai and other lockdowns. Foreign investors are dumping Chinese assets as the Fed prepares rate hikes.

- Date: 2022-04-29 · published 2022-04-29T12:00:00.000Z
- Category: macro · region China · magnitude medium
- Page: https://feedsoft.ai/events/42067-renminbi-on-course-for-steepest-monthly-fall-as-china-s-economy-slows
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

A weaker yuan and capital outflows signal weak Chinese demand for imported feed ingredients and make dollar-priced commodities more expensive for Chinese buyers. Stimulus could eventually support hog and feed demand, but near-term price pressure on feed imports is likely bearish.

## Read by commodity

- SOY: bearish ▼
- CORN: bearish ▼
- USDCNY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2022-06-10 | [China's renminbi will likely remain weak for the rest of 2022 \| Oxford Economics](https://feedsoft.ai/events/41170-china-s-renminbi-will-likely-remain-weak-for-the-rest-of-2022-oxford-economics.md) | +0.2% | +0.4% |
| USDCNY | 2018-08-24 | [What's really going on with China's economy?](https://feedsoft.ai/events/10041-what-s-really-going-on-with-china-s-economy.md) | -0.5% | -0.3% |
| USDCNY | 2019-09-10 | [China economy: Yuan (Renminbi) could hit 7.3 by end of 2019, CLSA says](https://feedsoft.ai/events/57294-china-economy-yuan-renminbi-could-hit-7-3-by-end-of-2019-clsa-says.md) | -0.8% | +0.4% |
| USDCNY | 2017-01-16 | [Yuan Top Forecaster Sees No End to Losses as China Economy Slows - Bloomberg](https://feedsoft.ai/events/11878-yuan-top-forecaster-sees-no-end-to-losses-as-china-economy-slows-bloomberg.md) | -0.6% | -0.5% |
| USDCNY | 2016-06-30 | [China's yuan sees biggest quarterly fall on record](https://feedsoft.ai/events/12456-china-s-yuan-sees-biggest-quarterly-fall-on-record.md) | +0.7% | +0.3% |
| SOY | 2019-09-10 | [China economy: Yuan (Renminbi) could hit 7.3 by end of 2019, CLSA says](https://feedsoft.ai/events/57294-china-economy-yuan-renminbi-could-hit-7-3-by-end-of-2019-clsa-says.md) | +6.5% | +8.3% |
| SOY | 2024-05-29 | [Chinese yuan falls to six-month low on dollar strength - Nikkei Asia](https://feedsoft.ai/events/30488-chinese-yuan-falls-to-six-month-low-on-dollar-strength-nikkei-asia.md) | -4.1% | -5.4% |
| SOY | 2022-12-15 | [U.S. soybean futures fall; corn, wheat firm with focus on economy \| Reuters](https://feedsoft.ai/events/5520-u-s-soybean-futures-fall-corn-wheat-firm-with-focus-on-economy-reuters.md) | -0.1% | +3.8% |

## Sources

- ft.com: https://www.ft.com/content/7a2c9e7f-9a36-482e-876f-5e755ce23eb6?syn-25a6b1a6=1

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