# Yuan in biggest weekly gain since January as Trump asks cabinet to draft possible China trade deal | South China Morning Post

> The yuan posted its biggest weekly gain since January after reports that Trump asked his cabinet to draft terms for a possible China trade deal ahead of the G20 summit. The People's Bank of China set a stronger daily midpoint, and onshore yuan moved to 6.8898 per dollar. White House adviser Larry Kudlow later denied the reports.

- Date: 2018-11-02 · published 2018-11-02T12:00:00.000Z
- Category: trade · region China · magnitude medium
- Page: https://feedsoft.ai/events/62269-yuan-in-biggest-weekly-gain-since-january-as-trump-asks-cabinet-to-draft
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Hopes of a trade deal support Chinese import demand for US soybeans and feed grains, though the denial reduces confidence. The yuan rally lowers the dollar cost of Chinese purchases.

## Read by commodity

- SOY: bullish ▲
- USDCNY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2018-12-03 | [US-China trade war truce dings dollar; Aussie, yuan advance](https://feedsoft.ai/events/6921-us-china-trade-war-truce-dings-dollar-aussie-yuan-advance.md) | -0.7% | -1.2% |
| USDCNY | 2019-05-14 | [Australian dollar, China’s yuan rise after Trump’s bullishness on trade \| Amwal Al Ghad](https://feedsoft.ai/events/8445-australian-dollar-china-s-yuan-rise-after-trump-s-bullishness-on-trade-amwal-al.md) | +0.5% | +0.5% |
| USDCNY | 2018-11-01 | [Renminbi rises by most in two months after Trump tweet on China - FT中文网](https://feedsoft.ai/events/62268-renminbi-rises-by-most-in-two-months-after-trump-tweet-on-china-ft.md) | -0.8% | -0.3% |
| USDCNY | 2020-02-05 | [Yuan jumps to 2-week high as Beijing cuts tariffs on some US goods - The Business Times](https://feedsoft.ai/events/5136-yuan-jumps-to-2-week-high-as-beijing-cuts-tariffs-on-some-us-goods-the-business.md) | -0.5% | -1.1% |
| USDCNY | 2021-10-26 | [China's yuan inches higher after Sino-US talks - Markets - Business Recorder](https://feedsoft.ai/events/44775-china-s-yuan-inches-higher-after-sino-us-talks-markets-business-recorder.md) | +0.2% | +0.1% |
| SOY | 2020-05-27 | [China facing soybean dilemma as it tries to balance phase one trade deal with self-reliance \| South China Morning Post](https://feedsoft.ai/events/52988-china-facing-soybean-dilemma-as-it-tries-to-balance-phase-one-trade-deal-with.md) | +0.4% | +3.3% |
| SOY | 2020-09-28 | [US-China trade: soybeans, corn and cars surge, but Beijing still not close to meeting demands of deal \| South China Morning Post](https://feedsoft.ai/events/50984-us-china-trade-soybeans-corn-and-cars-surge-but-beijing-still-not-close-to.md) | +1.8% | +8.1% |
| SOY | 2022-06-10 | [Soybeans set for biggest weekly gain in 2 months on strong demand \| Financial Post](https://feedsoft.ai/events/40974-soybeans-set-for-biggest-weekly-gain-in-2-months-on-strong-demand-financial-post.md) | -3.4% | -7.2% |

## Sources

- scmp.com: https://www.scmp.com/business/banking-finance/article/2171439/yuan-biggest-weekly-gain-january-trump-asks-cabinet-draft

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.