Onshore Yuan Breaks 6.9 Against U.S. Dollar as Trade War Intensifies

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.

• May 31, 2022In Depth: Behind the Yuan’s Tumble Against the Dollar - Caixin Global-0.7%
• Feb 20, 2024Onshore yuan trades at its weakest against dollar since November last year+0.1%
• May 23, 2024China Allows Yuan to Drop as Outflows, Dollar Test Central Bank’s Grip - Caixin Global+0.1%
• Dec 28, 2022China's yuan weakens as U.S. dollar gains on sustained inflation outlook | Financial Post-1.0%
• Jun 27, 2018Yuan Sell-Off Gathers Pace On Economy, Trade Fears - Caixin Global+0.9%

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.

• May 23, 2024China Allows Yuan to Drop as Outflows, Dollar Test Central Bank’s Grip - Caixin Global-2.9%
• Nov 1, 2018Caixin Explains: Why 7 Is the Yuan’s Unlucky Number - Caixin Global+3.4%
• Sep 29, 2022CNY/USD: Why China’s Yuan Hit Record Lows Against the Dollar - Bloomberg-2.8%
• Sep 11, 2018US-China trade war: Investors could soon favor yuan over dollar, former PBOC governor says-1.2%
• Mar 2, 2018Dollar tumbles as US tariff plan ignites trade war fears-0.4%