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China's foreign exchange reserves, the world's largest, fell about $34 billion to just over $3 trillion according to central bank data. The yuan sank to a 10-year low of 6.9756 per dollar at the end of October, close to the 7 level.
Reserve drawdowns indicate Beijing is spending dollars to prop up the yuan, which supports Chinese purchasing power for US imports but signals financial stress. The effect on feed commodity prices is indirect.
apnews.comNov 7, 2018After 169 past neutral macro events, USDCNY 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.
