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China's central bank is effectively anchoring the yuan to the dollar, which has helped stabilize the currency. The yuan fell more than 6% against the dollar in 2016 but is up about 1% this year.
Implied volatility is near its lowest in nearly two years.
A stable yuan reduces currency-driven import cost swings for Chinese feed buyers, a modest and indirect influence on feed commodity prices.
jp.wsj.comLingling Wer in Beijing and Saumya Vaishampayan in Hong KongMay 29, 2017After 169 past neutral macro events, USDCNY 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.
