# Coronavirus boost to the US dollar shows China must do more to win global trust in the renminbi | South China Morning Post

> An opinion piece argues that the US dollar, Swiss franc and yen attracted safe-haven flows during the coronavirus crisis, while the renminbi came under pressure. The renminbi holds only about 2% of allocated central bank reserves according to the IMF. The author says Beijing must improve monetary transparency and open its financial markets.

- Date: 2020-04-20 · published 2020-04-20T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/53885-coronavirus-boost-to-the-us-dollar-shows-china-must-do-more-to-win-global-trust
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Safe-haven demand for the dollar supports the greenback, which typically weighs on dollar-denominated commodity prices and can make imports pricier for emerging-market buyers.

## Read by commodity

- DXY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2016-11-30 | [Robust dollar, tumbling yuan underline need for US-China currency deal \| South China Morning Post](https://feedsoft.ai/events/74061-robust-dollar-tumbling-yuan-underline-need-for-us-china-currency-deal-south.md) | -0.6% | +1.3% |
| DXY | 2024-05-02 | [In Asia, US dollar’s growing strength gives rise to stability concerns, suspected rate intervention \| South China Morning Post](https://feedsoft.ai/events/5875-in-asia-us-dollar-s-growing-strength-gives-rise-to-stability-concerns-suspected.md) | -0.7% | -0.9% |
| DXY | 2017-09-18 | [Dollar hits seven week high against the yen as Fed meeting on US interest rates eyed \| South China Morning Post](https://feedsoft.ai/events/69174-dollar-hits-seven-week-high-against-the-yen-as-fed-meeting-on-us-interest-rates.md) | +0.4% | +2.1% |
| DXY | 2016-11-14 | [Chinese yuan tumbles to a seven-year low as dollar surges \| South China Morning Post](https://feedsoft.ai/events/7742-chinese-yuan-tumbles-to-a-seven-year-low-as-dollar-surges-south-china-morning.md) | +1.4% | +0.8% |
| DXY | 2024-06-28 | [China’s central bank puts the yuan’s exchange-rate swings in crosshairs \| South China Morning Post](https://feedsoft.ai/events/30006-china-s-central-bank-puts-the-yuan-s-exchange-rate-swings-in-crosshairs-south.md) | -0.7% | -0.5% |

## Sources

- scmp.com: https://www.scmp.com/comment/opinion/article/3080640/coronavirus-boost-us-dollar-shows-china-must-do-more-win-global

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.