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China's central bank set the yuan midpoint at 7.0080 per dollar, its strongest fix since August 8, 2019. The move followed strong spot gains on progress in talks toward a partial Sino-US trade deal.
A firmer yuan reflects improving odds of a US-China deal that could lift Chinese purchases of US farm goods. The currency move itself has little direct effect on feed commodity prices.
financialpost.comReutersNov 6, 2019After 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.
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.
