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The offshore yuan weakened nearly 1% against the dollar in the week to July 28, falling to 6.528 at its low, and the Hong Kong dollar also hit its weakest level since April. The selloff followed Beijing's tighter restrictions on education firms and its continued crackdown on internet companies.
Yuan weakness driven by regulatory stress and capital outflows reduces the purchasing power of Chinese importers for feed commodities. Analysts expect further weakness, which could dampen import demand.
cnbc.comWeizhen TanJul 28, 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.
