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China's yuan slipped against the dollar on August 31 and was set for a third straight monthly decline. August official PMI data showed factory activity expanding more slowly, while the services sector contracted.
Traders are watching the pace of Federal Reserve tapering and upcoming US jobs data.
Weaker Chinese growth signals softer import demand, and a weaker yuan raises the cost of dollar-priced imports for China. Expected policy easing could support Chinese domestic feed demand, but the currency move adds uncertainty to feed import costs.
brecorder.comReutersAug 31, 2021After 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.
