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The PBOC set the yuan midpoint at 6.3014 per dollar, weaker than market projections, as the central bank showed discomfort with rapid yuan gains. State banks were reportedly buying dollars to defend the 6.31 level before the parliamentary meeting on March 5.
Central bank intervention to slow yuan appreciation signals a managed currency that changes China's dollar-based import costs only gradually, a minor factor for feed prices.
brecorder.comReutersMar 1, 2022After 169 past neutral macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (50% higher; middle half -0.3% to +0.2%), 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.
