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The Chinese yuan jumped as much as 0.56% to 6.8100 per dollar, its strongest level since May 2019, as the dollar hit a two-year low. The People's Bank of China had set its daily fixing weaker than expected for three sessions, which may signal Beijing wanted to slow the rally.
A stronger yuan makes dollar-priced feed imports cheaper for China, which can support Chinese demand for US grains and meal, though the effect on prices is modest.
bloomberg.comSep 1, 2020After 362 past bearish macro events, Chinese Yuan (CNY per USD) moved a median -0.1% over 5 sessions (42% higher; middle half -0.4% to +0.1%), 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.
