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The yuan rallied nearly 1% in the week, bringing it closer to the most bullish forecasts on Wall Street. The People's Bank of China signaled it is closely watching the market, and strategists at Citic Securities and Scotiabank expect the currency to reach 6.2 per dollar from about 6.38.
Expectations of yuan appreciation reduce the cost of dollar-priced commodity imports for China, which can support demand for soybeans and other feed inputs. Authorities' warnings may limit how far the move goes.
bloomberg.comLivia Yap, Tian ChenMay 27, 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.
