U.S. designates China as currency manipulator for first time in decades

After 369 past bearish policy events, SOY moved a median -0.2% over 5 sessions (46% higher; middle half -1.7% to +1.8%), and +0.8% over 20.

• May 4, 2021China moves to cut corn, soy in feed rations - Manitoba Co-operator+3.8%
• Apr 14, 2023Food security drives China to cut soymeal use in animal feed | Reuters-0.2%
• May 6, 2025China cuts need for feed seed as food security campaign ramps up | South China Morning Post+2.7%
• Oct 19, 2023Appetite for soya hinders China’s self-sufficiency drive-1.7%
• Mar 11, 2020U.S. farmers still dependent on trade aid after China deal-5.6%

After 310 past bearish policy events, CORN moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.6% over 20.

• Mar 16, 2019U.S. ethanol market sees first sales decline in decades+2.6%
• May 4, 2021China moves to cut corn, soy in feed rations - Manitoba Co-operator+1.5%
• Jan 7, 2020China won't hike grain import quotas for U.S. trade deal: Caixin+0.9%
• Dec 12, 2023Argentina Sharply Devalues Its Peso Currency to Tame Inflation+1.9%
• Mar 11, 2020U.S. farmers still dependent on trade aid after China deal-6.0%

After 50 past bearish policy events, USDCNY moved a median -0.1% over 5 sessions (46% higher; middle half -0.4% to +0.4%), and -0.0% over 20.

• Jan 26, 2017Is Korea a currency manipulator? - The Korea Times-0.1%
• Jul 6, 2023China's yuan firms as central bank pledges again to stabilize currency-1.1%
• Aug 25, 2022Dollar Vs. Yuan: China Acts to Prop up Faltering Currency With Strong Fix - Markets Insider+0.5%
• Jan 9, 2017Goldman Sachs Sees China Using Fixing to Strengthen Currency - Bloomberg-0.3%
• May 28, 2021Chinese regulators vow to crack down on yuan exchange manipulation+0.2%