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China's yuan firmed to its strongest level against the dollar in nearly six weeks as easing U.S. Treasury yields pushed the greenback to multi-week lows. The People's Bank of China set its strongest daily midpoint since March 18.
A firmer yuan and weaker dollar shift currency-driven import costs for China and can modestly affect dollar-denominated commodity prices; the effect on feed grain prices is limited.
financialpost.comReutersApr 22, 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.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), 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.
