# China to sell new yuan bills in Hong Kong – a new tool to control the currency now at a 10-year low | South China Morning Post

> 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.

- Date: 2018-10-31 · published 2018-10-31T12:00:00.000Z
- Category: macro · region China · magnitude medium
- Page: https://feedsoft.ai/events/62764-china-to-sell-new-yuan-bills-in-hong-kong-a-new-tool-to-control-the-currency
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

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.

## Read by commodity

- USDCNY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2016-11-14 | [Chinese yuan tumbles to a seven-year low as dollar surges \| South China Morning Post](https://feedsoft.ai/events/7742-chinese-yuan-tumbles-to-a-seven-year-low-as-dollar-surges-south-china-morning.md) | +1.3% | +1.6% |
| USDCNY | 2024-12-03 | [China’s yuan hits lowest level in months as Trump tariff threats roil currencies \| South China Morning Post](https://feedsoft.ai/events/27171-china-s-yuan-hits-lowest-level-in-months-as-trump-tariff-threats-roil.md) | -0.2% | +0.4% |
| USDCNY | 2016-06-27 | [Update \| Chinese yuan slides to 5-year low, pound slumps further in Brexit aftershock \| South China Morning Post](https://feedsoft.ai/events/12457-update-chinese-yuan-slides-to-5-year-low-pound-slumps-further-in-brexit.md) | +0.6% | +1.0% |
| USDCNY | 2016-11-30 | [Robust dollar, tumbling yuan underline need for US-China currency deal \| South China Morning Post](https://feedsoft.ai/events/74061-robust-dollar-tumbling-yuan-underline-need-for-us-china-currency-deal-south.md) | -0.2% | +0.9% |
| USDCNY | 2021-11-02 | [Macroscope \| Why the wind behind the Chinese yuan’s strength is likely to die down in 2022 \| South China Morning Post](https://feedsoft.ai/events/44273-macroscope-why-the-wind-behind-the-chinese-yuan-s-strength-is-likely-to-die.md) | -0.1% | -0.5% |

## Sources

- scmp.com: https://www.scmp.com/economy/china-economy/article/2171069/china-sell-new-yuan-bills-hong-kong-new-tool-control-currency

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