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PBOC Deputy Governor Pan Gongsheng said at the Lujiazui Forum on June 10 that the yuan has shown two-way fluctuations and remains basically stable. He described China's managed floating regime and a current account surplus within a reasonable range.
The speech reinforces expectations of a stable yuan, so it offers little price signal for feed grains or meal.
bis.orgPan GongshengJun 10, 2021After 138 past policy events, Chinese Yuan (CNY per USD) moved a median -0.1% over 5 sessions (47% higher; middle half -0.4% to +0.4%), and -0.1% 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.
