China Central Banker Says No Specific Yuan Level Important

After 398 past bullish macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (56% higher; middle half -0.3% to +0.5%), and +0.0% over 20.

• Jan 14, 2025China Will ‘Try Very Hard’ to Slow Yuan’s Fall, UBS’ Wang Says - Bloomberg-0.8%
• Oct 25, 2022China’s Yuan CNY USD Drops as PBOC Sets Fix at Weakest Level in 14 Years - Bloomberg+0.6%
• Jan 16, 2017Yuan Top Forecaster Sees No End to Losses as China Economy Slows - Bloomberg-0.6%
• Jan 9, 2017China cannot let yuan weaken over 25 pct - ex-central bank advisor-0.3%
• Nov 16, 2016China’s Yuan Tumbles to Eight-Year Low as Banks Weaken Forecasts - Bloomberg+0.5%

After 273 past bearish macro events, Soybeans moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.4%), and -0.5% over 20.

• Nov 7, 2024CNY/USD: China Sets Yuan Fix at Weakest Since 2023 - Bloomberg+1.0%
• Aug 19, 2022China Yuan Slumps to Near-Two-Year Low Against USD as Rate Differential Widens - Bloomberg+3.8%
• Sep 29, 2022CNY/USD: Why China’s Yuan Hit Record Lows Against the Dollar - Bloomberg-2.8%
• Jul 9, 2024China’s central bank is stuck in a policy dilemma-8.2%
• Nov 9, 2018Timeline of China's recent measures to stabilise yuan near key level+2.4%

After 301 past bearish macro events, Corn moved a median -0.1% over 5 sessions (47% higher; middle half -2.2% to +1.3%), and +0.2% over 20.

• Nov 7, 2024CNY/USD: China Sets Yuan Fix at Weakest Since 2023 - Bloomberg-0.1%
• Jun 18, 2021Goldman’s Currie Says Buy Commodities Dip, Bull Case Intact - Bloomberg+0.3%
• Jun 11, 2019For China's yuan, the path toward 7 per dollar is now wide open | The Straits Times+6.2%
• Nov 28, 2024Chinese yuan to hit record lows as U.S. tariff threat mounts, investment banks forecast+1.1%
• Aug 13, 2024Brazil's central bank had no reason to intervene in FX amid 'accelerated weakening'-1.2%