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China's yuan climbed to its strongest level in more than two years, reaching 6.5623 per dollar. Gains are attributed to the economic rebound, a near-record bond yield premium over U.S. debt, and a weaker dollar.
A strengthening yuan reduces the local-currency cost of dollar-priced feed imports, a modest support for Chinese import demand, while the weaker dollar tends to lift dollar-quoted commodity prices.
news.cgtn.comCGTNNov 17, 2020After 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.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% 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.
