# China’s Yuan Drops to a Decade-Low, 7 Per Dollar Now in Sight

> 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.

- Date: 2018-11-01 · published 2018-11-01T12:00:00.000Z
- Category: macro · region China · magnitude medium
- Page: https://feedsoft.ai/events/62762-china-s-yuan-drops-to-a-decade-low-7-per-dollar-now-in-sight
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

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.

## Read by commodity

- USDCNY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2023-05-18 | [As China's yuan drops through 7 again, the dollar is in the driver's seat](https://feedsoft.ai/events/36175-as-china-s-yuan-drops-through-7-again-the-dollar-is-in-the-driver-s-seat.md) | +0.9% | +1.9% |
| USDCNY | 2023-03-08 | [China's yuan weakens to 2-month low, with key 7-per-dollar level in sight  - The Business Times](https://feedsoft.ai/events/37091-china-s-yuan-weakens-to-2-month-low-with-key-7-per-dollar-level-in-sight-the.md) | -1.3% | -1.2% |
| USDCNY | 2018-10-30 | [Yuan's slide to decade low puts China in tricky position - Nikkei Asia](https://feedsoft.ai/events/62765-yuan-s-slide-to-decade-low-puts-china-in-tricky-position-nikkei-asia.md) | -0.5% | -0.1% |
| USDCNY | 2019-08-05 | [Yuan sinks past seven against the dollar to over decade low](https://feedsoft.ai/events/5372-yuan-sinks-past-seven-against-the-dollar-to-over-decade-low.md) | +1.8% | +3.1% |
| USDCNY | 2019-06-11 | [For China's yuan, the path toward 7 per dollar is now wide open \| The Straits Times](https://feedsoft.ai/events/58818-for-china-s-yuan-the-path-toward-7-per-dollar-is-now-wide-open-the-straits-times.md) | -0.1% | -0.6% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2018-10-30/china-s-yuan-drops-to-a-decade-low-7-per-dollar-now-in-sight

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