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The yuan maintained its upward momentum at the start of 2022, supported by strong exports and better-than-expected economic growth in the fourth quarter of 2021. The spot rate was near 6.34 per dollar, and the CFETS basket index hit a six-year high of 102.98 on January 7 before easing slightly.
A firmer yuan lowers the local-currency cost of imported feed grains and meal, supporting Chinese import demand and modestly underpinning US and South American export values.
caixinglobal.comWang Shiyu, Peng Qinqin, Zhang YukunJan 21, 2022After 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.
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.
