World’s two largest economies diverge as China leaves key interest rate unchanged in wake of US Fed cut

After 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.

• May 2, 2024In Asia, US dollar’s growing strength gives rise to stability concerns, suspected rate intervention | South China Morning Post-0.3%
• May 5, 2022US Fed rate hike: how can China stem capital outflow and prop up the yuan? | South China Morning Post+1.7%
• Jun 28, 2024China’s central bank puts the yuan’s exchange-rate swings in crosshairs | South China Morning Post-0.0%
• Jan 3, 2017Yuan starts 2017 weaker after PBOC cuts fixing by most in two weeks | South China Morning Post-0.1%
• Jun 29, 2018Offshore yuan drops faster than onshore currency as trade war fears, central bank policies spook international investors | South China Morning Post+0.2%

After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.

• Sep 18, 2017Dollar hits seven week high against the yen as Fed meeting on US interest rates eyed | South China Morning Post+0.4%
• Oct 31, 2025ECB leaves interest rates unchanged citing a resilient economy - OFX (US)+0.3%
• May 2, 2024In Asia, US dollar’s growing strength gives rise to stability concerns, suspected rate intervention | South China Morning Post-0.7%
• May 8, 2018Macroscope | Emerging market currencies feel the heat as US economy brightens | South China Morning Post-0.1%
• May 5, 2022US Fed rate hike: how can China stem capital outflow and prop up the yuan? | South China Morning Post+0.7%