◂ Event Timeline

Nov 6, 2022POLICYChina

China Markets Set for More Volatility as Covid-Zero Stays

China's health officials vowed to stick unswervingly to Covid Zero, dampening hopes that Beijing would ease restrictions soon. The offshore yuan dropped 0.8% to 7.24 per dollar, unwinding part of a 2% surge the previous Friday.

WHY IT MATTERS

Persistent lockdown policy weighs on Chinese industrial and feed demand, and a weaker yuan makes imported commodities costlier for Chinese buyers.

AFFECTSChinese Yuan (CNY per USD)▲

SOURCE
bloomberg.comYoukyung Lee, John ChengNov 6, 2022

Price reaction & history

Chinese Yuan (CNY per USD)▲bullishSO FAR1d -1.0%5d -3.1%20d -4.2%

After 31 past bullish policy events, Chinese Yuan (CNY per USD) moved a median -0.2% over 5 sessions (42% higher; middle half -0.4% to +0.3%), and -0.1% over 20.

Feb 27, 2026Yuan Snaps Rising Streak After China Cuts Cost to Short Currency - Bloomberg+0.7%
May 8, 2025China’s yuan slips as PBOC guides currency lower - Markets - Business Recorder-0.2%
Oct 20, 2021China Sets Weaker-Than-Expected Yuan Fix, Adds More Cash - Caixin Global-0.0%
Sep 24, 2017Fans of a more open China should welcome the devalued yuan+1.0%
Dec 15, 2021China's c.bank records biggest net FX purchases in more than six years in Nov+0.1%

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.

Chinese Yuan (CNY per USD) USDCNY · GP ▸

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