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The yuan weakened against the dollar on Tuesday after falling from a six-week high, following softer PBOC guidance and a stronger greenback. The PBOC set the midpoint at 7.1002 per dollar, 8 pips weaker than the previous fix.
An RBC analyst said the PBOC is unlikely to push USD/CNY much lower through fixings.
This is routine currency commentary with no major new shock, so its direct effect on feed commodity prices is limited.
brecorder.comReutersMay 8, 2024Not enough comparable past events yet for a historical read.
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.
