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The yuan strengthened on June 30 as China's June manufacturing PMI rose to 50.9 from 50.6, beating expectations of 50.4. The PBOC also cut rediscount and refinancing rates by 25 to 50 basis points.
Stronger Chinese factory activity and easier monetary policy support demand for industrial and feed-linked commodities, while a firmer yuan slightly lowers the cost of dollar-priced imports.
fxdailyreport.comDaffa ZakyJun 30, 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.
