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China's central bank set the yuan midpoint at 6.6781 per dollar, the strongest guidance rate since July 2018 and 0.22% firmer than the previous fix. The yuan had closed its domestic session at a more than 27-month high the previous day.
A firmer yuan reflects strong capital inflows and recovering exports, supporting Chinese purchasing power for imports. The move is a modest signal for dollar-priced feed commodity demand.
financialpost.comReutersOct 21, 2020After 169 past neutral macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (50% higher; middle half -0.3% to +0.2%), 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.
