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The PBOC set its yuan midpoint at 6.3682 per dollar, the firmest since May 2018, and the trade-weighted basket index reached its highest since March 2016. The fixing came in 0.28% stronger than the previous day.
A stronger yuan lowers China's local-currency cost of dollar-priced grain and oilseed imports, which can support import demand. The basket index reaching a multi-year high also raises the cost of Chinese exports.
brecorder.comReutersMay 31, 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.
