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ActionForex says the renminbi has weakened over 6 percent against the dollar in June and July but less against a basket of currencies, with its official index down 4.4 percent over two months. The firm attributes the decline mainly to slowing growth, looser fiscal and monetary policy, and Fed-PBOC policy divergence rather than deliberate retaliation.
Its view that the yuan will keep skewing lower implies continued pressure on the cost of dollar-priced US feed imports into China, with the government likely to limit the pace of decline.
actionforex.comActionForex.comJul 30, 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.
