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China's central bank lowered its official yuan midpoint for a ninth straight day to 7.0326 per dollar, the weakest since March 2008. The fix was still firmer than Reuters' estimate by about 0.14%.
A weaker yuan makes Chinese exports cheaper and can weigh on dollar-denominated commodity demand from China, while the currency signal underscores strain in the trade war that is pressuring US farm export sales.
reuters.comAug 13, 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.
