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ING revised its USD/CNY forecast, citing exchange rate liberalisation that has made the yuan more volatile since the PBoC faded its counter-cyclical fixing factor in October 2020. The note also discusses interest rate reform prospects for 2021.
Greater yuan volatility and a changing forecast affect the cost of Chinese feed imports priced in dollars, but the note itself does not move commodity prices directly.
think.ing.comApr 1, 2021After 169 past neutral macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (50% higher; middle half -0.3% to +0.2%), and -0.0% 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.
