# China's renminbi at crossroads as Covid-19 resurgence threatens economic growth | The Straits Times

> The renminbi is set to depreciate this year, ending two years of gains, as Covid-19 lockdowns and surging commodity prices raise doubts about China's 5.5% growth target. The PBOC made its biggest push to weaken the currency through fixings last week, and a global exodus from Chinese markets prompted policy support pledges.

- Date: 2022-03-23 · published 2022-03-23T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/42483-china-s-renminbi-at-crossroads-as-covid-19-resurgence-threatens-economic-growth
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

A weaker yuan lowers the dollar cost of China's imports, which can dampen demand for feed-related commodities priced in dollars and supports Chinese exports, while signaling weaker domestic growth and feed demand.

## Read by commodity

- 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 | 2025-05-01 | [China Engineers Orderly Yuan Drop as Trade War Threatens Growth](https://feedsoft.ai/events/25351-china-engineers-orderly-yuan-drop-as-trade-war-threatens-growth.md) | -0.6% | -1.2% |
| USDCNY | 2022-04-29 | [Renminbi on course for steepest monthly fall as China’s economy slows](https://feedsoft.ai/events/42067-renminbi-on-course-for-steepest-monthly-fall-as-china-s-economy-slows.md) | +0.4% | +1.7% |
| USDCNY | 2022-10-24 | [China stocks tumble as Xi's team fans economic concern; yuan weakens \| Reuters](https://feedsoft.ai/events/6930-china-stocks-tumble-as-xi-s-team-fans-economic-concern-yuan-weakens-reuters.md) | +0.1% | -1.0% |
| USDCNY | 2023-06-04 | [China's yuan may slip further to aid economic recovery - analysts](https://feedsoft.ai/events/35717-china-s-yuan-may-slip-further-to-aid-economic-recovery-analysts.md) | +0.6% | +2.2% |

## Sources

- straitstimes.com: https://www.straitstimes.com/business/economy/chinas-yuan-at-crossroads-as-covid-19-resurgence-threatens-economic-growth

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