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The yuan slipped slightly against the dollar as COVID cases escalated in Guangzhou and other major cities, which Reuters described as the city's worst flare-up. Unexpectedly weak trade data added to the pressure, offsetting optimism about eventual reopening.
Rising COVID restrictions hurt Chinese manufacturing and feed demand, and a softer yuan raises the local cost of dollar-priced grain and meal imports.
brecorder.comReutersNov 8, 2022After 487 past bullish events of any kind, USDCNY moved a median +0.1% over 5 sessions (56% higher; middle half -0.3% to +0.6%), and +0.1% 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.
