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The offshore yuan (USD/CNH) hit an all-time high of 7.1965 before pulling back to around 7.18. The US State Department said Hong Kong is no longer autonomous from China, and a Chinese national security law for the city was expected to be approved soon.
Possible US sanctions and the loss of special trade rules for Hong Kong could disrupt trade flows and dollar-yuan demand. A weaker yuan would raise the cost of dollar-priced imports for China, which could reduce its purchases of US farm goods.
forexcrunch.comFX StreetMay 27, 2020After 14 past bullish geopolitics events, Chinese Yuan (CNY per USD) moved a median -0.0% over 5 sessions (36% higher; middle half -0.4% to +0.2%), and -0.5% 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.
