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ING economist Iris Pang argues the yuan will stay in a narrow range, ruling out both a sharp appreciation and a sharp depreciation in 2019. She says the shift from appreciation to slight depreciation is a political signal to the Trump administration.
A large move in either direction is considered unlikely.
A range-bound yuan limits currency-driven swings in Chinese import costs for feed ingredients. Price risk from the exchange rate stays low.
forexcrunch.comFX StreetApr 29, 2019After 169 past neutral macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (50% higher; middle half -0.3% to +0.2%), and -0.0% 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.
