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China's yuan touched its weakest level since May 2008, reaching 6.9724 per dollar in Shanghai. The People's Bank of China cut its daily reference rate to the lowest in more than a decade, as signs grew that the trade war with the US could escalate.
A decade-low yuan lowers the dollar cost of Chinese imports and can reduce Chinese buying of US soybeans, corn and meal at current prices. Further weakness toward 7 per dollar would add pressure on the trade dispute.
bloomberg.comTian ChenNov 1, 2018After 398 past bullish macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (56% higher; middle half -0.3% to +0.5%), 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.
