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The yuan weakened at the start of February after eight straight months of gains, as renewed COVID-19 cases and lockdowns raised fears for the recovery. A factory survey showed the slowest expansion in five months in January.
Dollar demand also rose amid volatility from the Wall Street retail-investor rally.
Weaker Chinese factory activity and lockdowns can reduce feed and livestock demand in China. A firmer dollar raises the cost of dollar-priced imports.
financialpost.comReutersFeb 1, 2021After 398 past bullish macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (56% higher; middle half -0.3% to +0.5%), 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.
