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The yuan weakened past 6.49 per dollar for the first time since August and closed at 6.4875. Beijing's focus on domestic issues and zero-Covid disruptions fuelled expectations of further yuan weakness.
A weaker yuan raises the cost of dollar-priced imports for China and may dampen its appetite for feed commodities. Continued depreciation would add pressure on global prices.
scmp.comFrank TangApr 22, 2022After 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.
Yuan broke past 6.49 per dollar on zero-Covid disruption and expectations of further weakness, a key leg of the 5-day move.
