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PBOC Governor Yi Gang said China and the US agreed to a market-oriented exchange rate mechanism and not to compete through currency devaluation. He said China will not use the exchange rate to boost exports or as a tool in the trade dispute.
The pledge against competitive devaluation reduces the risk of a weaker yuan cutting China's demand for US farm goods priced in dollars.
straitstimes.comMar 10, 2019After 42 past neutral policy events, USDCNY moved a median -0.0% over 5 sessions (50% higher; middle half -0.3% to +0.4%), and -0.2% 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.
