
The yuan reached its highest level since July in offshore trading after breaking 6.9 per dollar for the first time in over five months. The move followed the Trump administration removing China from its currency manipulator designation ahead of a trade deal signing.
A stronger yuan makes Chinese purchases of US farm goods relatively cheaper, supporting the Phase One purchase outlook for soybeans, corn and meal.
After 362 past bearish macro events, Chinese Yuan (CNY per USD) moved a median -0.1% over 5 sessions (42% higher; middle half -0.4% to +0.1%), and -0.2% over 20.
After 123 past bullish macro events, Soybeans moved a median +0.3% over 5 sessions (60% higher; middle half -1.0% to +1.8%), and -0.4% 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.