China Unshackles Daily Yuan Fixing, Suggesting Flexibility Ahead

After 398 past bullish macro events, USDCNY moved a median +0.0% over 5 sessions (56% higher; middle half -0.3% to +0.5%), and +0.0% over 20.

• Mar 31, 2023Widening U.S.-China Rate Gap Set to Weigh on Yuan’s Resilience - Caixin Global+0.1%
• May 23, 2024China Allows Yuan to Drop as Outflows, Dollar Test Central Bank’s Grip - Caixin Global+0.1%
• Apr 20, 2022Chinese Yuan Extends Drop to Six-Month Low as U.S. Yields Rise - Caixin Global+2.5%
• May 31, 2022In Depth: Behind the Yuan’s Tumble Against the Dollar - Caixin Global-0.7%
• Nov 1, 2018Caixin Explains: Why 7 Is the Yuan’s Unlucky Number - Caixin Global-0.8%

After 50 past neutral macro events, SOY moved a median -0.3% over 5 sessions (48% higher; middle half -2.2% to +1.3%), and -0.8% over 20.

• Feb 8, 2018China's Yuan Toppled From Two-Year High as Trade Data Surprises - Bloomberg+3.5%
• Aug 27, 2018China yuan counter-cyclical factor: currency tweak is trade war dovish-1.1%
• Aug 26, 2019China lets yuan sink, Trump says serious talks to start | AP News+1.6%
• Nov 13, 2024PBOC pulls China’s yuan off 3-month low with stronger-than-expected fix - Markets - Business Recorder-0.5%
• Oct 29, 2019PBOC set the onshore yuan at its strongest in 2 months+0.5%