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The People's Bank of China injected liquidity through its medium-term lending facility (CNY200 billion) and targeted MLF (CNY297.7 billion) while leaving the required reserve ratio unchanged. The operations were a net absorption of CNY164.3 billion, yet the three-month interbank rate fell from 3.4% to 3.1%.
Cheaper, longer-duration liquidity signals the start of Chinese monetary easing, which supports domestic demand for feed and livestock but has little direct price effect on grain or feed ingredients.
think.ing.comIris PangJul 23, 2019After 991 past macro events, Chinese Yuan (CNY per USD) moved a median -0.0% over 5 sessions (49% higher; middle half -0.3% to +0.3%), and -0.1% 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.
