# Caixin Explains: Why 7 Is the Yuan’s Unlucky Number - Caixin Global

> The Chinese yuan hit a 10-year low of 6.9670 per dollar this week, down 11 percent this year on trade tensions, slower growth and a narrowing interest rate gap with the US. Markets are focused on whether the currency will breach the psychological 7 level.

- Date: 2018-11-01 · published 2018-11-01T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/62270-caixin-explains-why-7-is-the-yuan-s-unlucky-number-caixin-global
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

A break beyond 7 would raise the dollar cost of Chinese imports, weighing on Chinese demand for US soybeans and feed ingredients. The explainer describes existing conditions rather than a new shock.

## Read by commodity

- SOY: bearish ▼
- USDCNY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2022-05-31 | [In Depth: Behind the Yuan’s Tumble Against the Dollar - Caixin Global](https://feedsoft.ai/events/41602-in-depth-behind-the-yuan-s-tumble-against-the-dollar-caixin-global.md) | -0.7% | +0.1% |
| USDCNY | 2023-09-28 | [EXPLAINER-Why is China's yuan so close to its lower limit?](https://feedsoft.ai/events/34326-explainer-why-is-china-s-yuan-so-close-to-its-lower-limit.md) | -0.2% | +0.1% |
| USDCNY | 2019-05-18 | [Onshore Yuan Breaks 6.9 Against U.S. Dollar as Trade War Intensifies - Caixin Global](https://feedsoft.ai/events/59281-onshore-yuan-breaks-6-9-against-u-s-dollar-as-trade-war-intensifies-caixin.md) | -0.3% | +0.1% |
| USDCNY | 2022-04-20 | [Chinese Yuan Extends Drop to Six-Month Low as U.S. Yields Rise - Caixin Global](https://feedsoft.ai/events/4946-chinese-yuan-extends-drop-to-six-month-low-as-u-s-yields-rise-caixin-global.md) | +2.5% | +5.4% |
| USDCNY | 2018-06-27 | [Yuan Sell-Off Gathers Pace On Economy, Trade Fears - Caixin Global](https://feedsoft.ai/events/8530-yuan-sell-off-gathers-pace-on-economy-trade-fears-caixin-global.md) | +0.9% | +2.9% |
| SOY | 2019-05-18 | [Onshore Yuan Breaks 6.9 Against U.S. Dollar as Trade War Intensifies - Caixin Global](https://feedsoft.ai/events/59281-onshore-yuan-breaks-6-9-against-u-s-dollar-as-trade-war-intensifies-caixin.md) | +1.0% | +11.1% |
| SOY | 2021-06-18 | [Explained: What spurred the global commodity market sell-off? - CNBC TV18](https://feedsoft.ai/events/5760-explained-what-spurred-the-global-commodity-market-sell-off-cnbc-tv18.md) | +3.1% | +9.4% |
| SOY | 2024-05-23 | [China Allows Yuan to Drop as Outflows, Dollar Test Central Bank’s Grip - Caixin Global](https://feedsoft.ai/events/30490-china-allows-yuan-to-drop-as-outflows-dollar-test-central-bank-s-grip-caixin.md) | -2.9% | -6.9% |

## Sources

- caixinglobal.com: https://www.caixinglobal.com/2018-11-01/caixin-explains-why-7-is-the-yuans-unlucky-number-101341704.html

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