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China set its daily yuan fixing at 6.9779 per dollar, stronger than the key 7 level and slightly below the Bloomberg survey estimate. The move came after the yuan had weakened past 7 on Monday amid coronavirus concerns.
The fixing signals official intent to stabilise the currency and sentiment during the outbreak. This limits near-term pressure on Chinese import costs for feed commodities.
straitstimes.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.
