# Yuan ends at 2-week high; Biden comments on trade deal cap gains | Financial Post

> The yuan closed at a two-week high of 6.5684 per dollar on Dec 2, 2020, as the dollar hovered near a 2.5-year low. Gains were capped after President-elect Biden said he would not immediately cancel the Phase 1 trade deal or remove tariffs on Chinese goods. The PBOC lifted its midpoint rate by the most in nearly a month.

- Date: 2020-12-02 · published 2020-12-02T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/49868-yuan-ends-at-2-week-high-biden-comments-on-trade-deal-cap-gains-financial-post
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

Signals that the Phase 1 purchase commitments and tariffs will stay in place support expectations for continued US farm export flows to China. A weaker dollar also makes dollar-priced grains cheaper for Chinese buyers.

## Read by commodity

- USDCNY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2021-01-04 | [Yuan starts 2021 with brisk gains as traders clear key hurdles \| Financial Post](https://feedsoft.ai/events/12070-yuan-starts-2021-with-brisk-gains-as-traders-clear-key-hurdles-financial-post.md) | -0.8% | -1.0% |
| USDCNY | 2021-04-22 | [China's yuan nears six-week high as U.S. yields ease \| Financial Post](https://feedsoft.ai/events/47810-china-s-yuan-nears-six-week-high-as-u-s-yields-ease-financial-post.md) | -0.2% | -0.9% |
| USDCNY | 2019-11-06 | [China sets yuan midpoint at three-month high \| Financial Post](https://feedsoft.ai/events/56292-china-sets-yuan-midpoint-at-three-month-high-financial-post.md) | +0.2% | +0.5% |
| USDCNY | 2021-03-18 | [China's yuan hits 1-week high, but rally slows as Sino-U.S. meet looms \| Financial Post](https://feedsoft.ai/events/48338-china-s-yuan-hits-1-week-high-but-rally-slows-as-sino-u-s-meet-looms-financial.md) | +0.3% | +0.4% |
| USDCNY | 2021-11-23 | [China's yuan firms on year-end demand, analysts expect weakness in 2022 \| Financial Post](https://feedsoft.ai/events/44269-china-s-yuan-firms-on-year-end-demand-analysts-expect-weakness-in-2022.md) | -0.3% | -0.2% |

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/yuan-ends-at-2-week-high-biden-comments-on-trade-deal-cap-gains

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.