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China's yuan weakened slightly against the US dollar on Thursday after surging in the previous session alongside the Japanese yen. The currency was up 0.3% on the week but 1.8% weaker for the year, as a weak property sector, anaemic consumption and falling yields drove capital outflows.
A private survey showed manufacturing shrank in July for the first time in nine months.
Yuan weakness and weak Chinese manufacturing point to softer Chinese demand for imported feed ingredients, a modest bearish factor for feed prices. The moves are routine and carry limited direct price impact.
brecorder.comReutersAug 1, 2024Not enough comparable past events yet for a historical read.
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.
Reports the yuan surged on the prior session alongside the yen, which is the 31 July move itself (dollar weakness/yen rally), though published a day later.
