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ActionForex reported that China's August NBS PMI showed contraction in non-manufacturing, with the services index falling to 45.2 and new export orders at their lowest since June 2020. The analysis expects the PBOC to cut the reserve requirement ratio and possibly rates.
It also argues policy divergence from the Fed points to further yuan weakness.
Weaker demand and expected easing point to softer Chinese import demand and a weaker yuan, which raises the cost of imported feed inputs in China. Stimulus could partly offset this later in the year.
actionforex.comActionForex.comAug 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.
