# China sets yuan midpoint at 28-month high after Joe Biden wins presidency | Financial Post

> The People's Bank of China set its yuan midpoint at 6.6123 per dollar, the strongest fixing since June 2018. The move followed a weaker dollar as investors bought trade-exposed currencies after Joe Biden's election.

- Date: 2020-11-09 · published 2020-11-09T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/50361-china-sets-yuan-midpoint-at-28-month-high-after-joe-biden-wins-presidency
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A firmer yuan fix signals Beijing tolerating appreciation, which marginally eases the cost of dollar-priced grain and meal imports for Chinese feed producers.

## Read by commodity

- DXY: bearish ▼
- USDCNY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2020-02-20 | [Yuan falls to over 2-month low as China cuts lending benchmark \| Financial Post](https://feedsoft.ai/events/54795-yuan-falls-to-over-2-month-low-as-china-cuts-lending-benchmark-financial-post.md) | +0.3% | +0.7% |
| USDCNY | 2020-11-09 | [For investors, China's yuan is the big winner from Biden victory \| Financial Post](https://feedsoft.ai/events/50363-for-investors-china-s-yuan-is-the-big-winner-from-biden-victory-financial-post.md) | -0.4% | -1.0% |
| USDCNY | 2022-04-21 | [China's yuan slides to 6-month low as tightening prospects help dollar \| Financial Post](https://feedsoft.ai/events/7337-china-s-yuan-slides-to-6-month-low-as-tightening-prospects-help-dollar.md) | +2.2% | +5.2% |
| USDCNY | 2021-04-01 | [China's yuan dips as Biden infrastructure plan lifts dollar \| Financial Post](https://feedsoft.ai/events/47817-china-s-yuan-dips-as-biden-infrastructure-plan-lifts-dollar-financial-post.md) | -0.2% | -1.1% |
| USDCNY | 2023-03-20 | [China's yuan eases after reserve ratio cut; Fed decision in focus \| Financial Post](https://feedsoft.ai/events/37090-china-s-yuan-eases-after-reserve-ratio-cut-fed-decision-in-focus-financial-post.md) | -0.3% | -0.3% |
| DXY | 2020-11-09 | [For investors, China's yuan is the big winner from Biden victory \| Financial Post](https://feedsoft.ai/events/50363-for-investors-china-s-yuan-is-the-big-winner-from-biden-victory-financial-post.md) | -0.1% | -1.7% |
| DXY | 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) | -0.3% | -1.2% |
| DXY | 2022-11-11 | [Dollar loses shine, yuan jumps after China modifies COVID protocol \| Financial Post](https://feedsoft.ai/events/8207-dollar-loses-shine-yuan-jumps-after-china-modifies-covid-protocol-financial-post.md) | -0.7% | -1.6% |

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/china-sets-yuan-midpoint-at-28-month-high-after-joe-biden-wins-presidency

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