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The yuan reached a five-year high, with the CFETS RMB Index near its record level. Strong exports, with October shipments up 27.1% year on year, and a wider yield spread over US Treasuries drove the gains.
Strong Chinese import demand supported by a firmer yuan can support feed commodity imports, while a stronger currency makes dollar-priced purchases cheaper for Chinese buyers.
caixinglobal.comPeng Qinqin, Wang Shiyu, Denise JiaNov 11, 2021After 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.
