# Yuan’s Blockbuster Week Draws PBOC Attention, Appreciation Bets - Bloomberg

> 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.

- Date: 2021-05-27 · published 2021-05-27T12:00:00.000Z
- Category: macro · region China · magnitude medium
- Page: https://feedsoft.ai/events/47316-yuan-s-blockbuster-week-draws-pboc-attention-appreciation-bets-bloomberg
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

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.

## Read by commodity

- USDCNY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2017-06-01 | [Yuan's Forecasters Getting It Wrong as China Jolts Markets - Bloomberg](https://feedsoft.ai/events/70728-yuan-s-forecasters-getting-it-wrong-as-china-jolts-markets-bloomberg.md) | -0.2% | -0.2% |
| USDCNY | 2017-05-31 | [Yuan Surges in Hong Kong as Traders See PBOC Squeezing Bears - Bloomberg](https://feedsoft.ai/events/5664-yuan-surges-in-hong-kong-as-traders-see-pboc-squeezing-bears-bloomberg.md) | -0.8% | -0.6% |
| USDCNY | 2018-11-16 | [Is a Chinese yuan appreciation on the way? - CGTN](https://feedsoft.ai/events/62267-is-a-chinese-yuan-appreciation-on-the-way-cgtn.md) | +0.1% | -0.6% |
| USDCNY | 2024-06-21 | [USD/CNY: PBOC Gives Strongest Boost to Yuan Since April to Manage Decline - Bloomberg](https://feedsoft.ai/events/30005-usd-cny-pboc-gives-strongest-boost-to-yuan-since-april-to-manage-decline.md) | +0.1% | +0.1% |
| USDCNY | 2017-10-10 | [Yuan Volatility Climbs With Spot After Strong Fix, Zhou Comments - Bloomberg](https://feedsoft.ai/events/6412-yuan-volatility-climbs-with-spot-after-strong-fix-zhou-comments-bloomberg.md) | -1.0% | -0.3% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2021-05-27/yuan-s-blockbuster-week-has-analysts-looking-to-six-year-high

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.