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The PBOC weakened the yuan's daily fixing by 0.62% after the Spring Festival, its largest move since July 2018. The author argues that a dovish Fed may ultimately benefit the dollar, since many central banks face pressure to ease policy.
A weaker yuan fixing raises the dollar cost of Chinese imports, which can slow purchases of US commodities priced in dollars.
news.cgtn.comJimmy ZhuFeb 11, 2019After 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.
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.
