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The People's Bank of China injected 400 billion yuan into the banking system via reverse repos, the largest single-day addition since January 2019. It also set the yuan reference rate at 6.9779 per dollar, stronger than the prior close, as authorities sought to steady markets hit by the coronavirus outbreak.
Stronger yuan fixings and liquidity injections signal Chinese efforts to support growth and sentiment, which can support Chinese feed demand. A firmer yuan modestly supports import purchasing power for feed ingredients.
caixinglobal.comFeb 4, 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.
