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The PBC official said the yuan's move beyond 7 per dollar reflected market supply and demand and trade protectionism. The central bank said the currency would remain basically stable at an equilibrium level.
The official stance that the yuan will stay stable limits expectations of further sharp depreciation, which modestly supports Chinese import demand for US farm goods.
pbc.gov.cnAug 7, 2019After 42 past neutral policy events, Chinese Yuan (CNY per USD) moved a median -0.0% over 5 sessions (50% higher; middle half -0.3% to +0.4%), 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.
