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The yuan rose to a more than three-week high against the dollar on August 30 after Federal Reserve Chair Jerome Powell signaled no rush to exit stimulus. The PBOC set its midpoint firmer than the prior fix.
Traders said the gains were driven mainly by a softer dollar and were expected to be short-lived.
A firmer yuan lowers the local-currency cost of dollar-priced imports for China, a modest support for its buying of feed ingredients. The move reflects dollar weakness rather than a fundamental shift in China's demand.
brecorder.comReutersAug 30, 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.
