
China's central bank set its yuan midpoint at 6.8605 per dollar, the strongest fix since July 2019 and 0.42% firmer than the prior day. The fix was weaker than a Reuters estimate of 6.8550.
The dollar was on track for a fourth straight monthly decline.
A firmer yuan lowers the cost of dollar-priced imports for Chinese feed buyers and reflects broad dollar weakness that tends to support dollar-denominated grain prices.
After 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.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), 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.