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China's central bank is uneasy about the yuan's rise to its strongest level since 2018, setting weaker-than-expected daily fixings and state banks buying dollars to defend the 6.31 level. Authorities are expected to prioritize stability ahead of the annual parliamentary meeting.
Managed yuan strength reduces China's import cost of dollar-denominated commodities only modestly, so the effect on feed ingredient pricing is limited.
financialpost.comReutersMar 2, 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.
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.
