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The yuan strengthened to a six-month high against the dollar after the Federal Reserve signalled patience on rate increases. The PBOC set its daily reference rate at 6.7025, and the currency gained 2.5% over January.
A stronger yuan lowers the cost of dollar-priced imports for China, which can support its purchasing of US grains and oilseeds.
global.chinadaily.com.cnChen JiaFeb 1, 2019After 362 past bearish macro events, Chinese Yuan (CNY per USD) moved a median -0.1% over 5 sessions (42% higher; middle half -0.4% to +0.1%), 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.
