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One-year onshore dollar/yuan swap points rose to 860 on June 2, the highest since March 16, while offshore points hit 1,200. The move reflected expectations of a widening yield gap between China and the US after the PBOC's plan to buy back bank loans.
This is a currency forward-market move with no direct effect on grain supply or demand, so its impact on feed commodity prices is negligible.
brecorder.comReutersJun 2, 2020After 991 past macro events, Chinese Yuan (CNY per USD) moved a median -0.0% over 5 sessions (49% higher; middle half -0.3% to +0.3%), and -0.1% 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.
