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A Merics commentary says Beijing has allowed the yuan to depreciate more than 7% since the trade war began, cushioning exporters. It notes the yuan now trades near 7 per dollar, down from about 6.5 at the start of 2018.
Limited room for further yuan weakness could constrain Chinese support for exports and make import purchases costlier. This may trim China's appetite for dollar-priced feed inputs over time.
merics.orgAuthor(s) Maximilian Kärnfelt Former AnalystNov 22, 2019After 169 past neutral macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (50% higher; middle half -0.3% to +0.2%), and -0.0% 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.
