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Crédit Agricole and Bank of China completed the first onshore yuan-dollar cross-currency swap referenced to SOFR, a $10 million one-year trade struck on April 21. Bank of China receives compounded SOFR on the dollar leg and pays a fixed 0.48% on the yuan leg.
The trade was confirmed on the China Foreign Exchange Trade System.
The trade is a financial market infrastructure development with no direct effect on feed supply or demand. It has negligible price implications for feed commodities.
fx-markets.comChris DavisApr 29, 2020After 138 past policy events, Chinese Yuan (CNY per USD) moved a median -0.1% over 5 sessions (47% higher; middle half -0.4% to +0.4%), 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.
