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The yuan fell below 7 per dollar on August 5, 2019, to its lowest onshore level since the 2008 financial crisis. Investors sold export-oriented Asian currencies and moved into safe havens, and Trump called the move currency manipulation.
A sharp yuan drop lowers the dollar cost of Chinese demand for imports and raises pressure on emerging-market currencies. Risk-off flows tend to weigh on commodity prices.
cnbc.comReutersAug 5, 2019After 398 past bullish macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (56% higher; middle half -0.3% to +0.5%), and +0.0% 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.
The yuan sank past 7 to a decade low as investors sold export-oriented Asian currencies and moved into safe havens, so sentiment and capital flows amplified the move.
The yuan fell to a decade low as investors sold export-oriented Asian currencies and moved into safe havens, a sentiment and capital-flow driver of the move.
