◂ Event Timeline

Jan 30, 2020MACROChina

What the coronavirus outbreak means for the Chinese yuan

The Chinese yuan weakened past the 7-per-dollar level in offshore trading on Thursday as coronavirus worries grew. The level had been described as a line in the sand, and it was breached last August amid the trade war.

WHY IT MATTERS

A weaker yuan lowers the dollar cost of Chinese imports, but growing virus-driven demand fears point to softer Chinese feed demand for US and Brazilian grains and meal.

AFFECTSChinese Yuan (CNY per USD)▲

SOURCE
marketwatch.comWilliam WattsJan 30, 2020

Price reaction & history

Chinese Yuan (CNY per USD)▲bullishSO FAR1d 0.0%5d +0.8%20d +1.3%

After 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.

Jun 27, 2016How China’s yuan could be the currency whipping boy of Brexit - MarketWatch+0.6%
Jun 28, 2018China: The yuan breaks out - Westpac - Forex Crunch+0.5%
May 31, 2019What happens if the Chinese yuan breaches the 7 to the US dollar+0.1%
Oct 31, 2018Why the Chinese yuan is falling-0.7%
Nov 10, 2022China’s yuan touches near one-week low on worsening COVID outbreaks - Markets - Business Recorder-1.2%

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.

Chinese Yuan (CNY per USD) USDCNY · GP ▸

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