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Chinese banks stopped including the counter-cyclical factor in calculating the yuan's daily reference rate, a change that allows them more room to submit weaker quotes. The reference rate was set at 6.7195 per dollar, in line with market estimates.
The change gives Beijing less direct control over the yuan, which may increase currency volatility for importers of US grains and oilseeds. Weaker yuan fixings would raise the local-currency cost of dollar-priced imports.
caixinglobal.comOct 28, 2020After 31 past bullish policy events, Chinese Yuan (CNY per USD) moved a median -0.2% over 5 sessions (42% higher; middle half -0.4% to +0.3%), and -0.1% 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.
