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The People's Bank of China launched a new financial tool to defend the yuan by selling new yuan bills in Hong Kong. It fixed the yuan at 6.9646 per dollar, a new 10-year low, after weak October PMI data showed manufacturing falling to 50.2.
New export orders contracted for a fifth straight month.
Contracting export orders point to weaker Chinese import demand for feed ingredients, which is bearish for feed volumes. The yuan defence measures signal Beijing's concern about capital outflows and slowing growth.
scmp.comKaren YeungOct 31, 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.
