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The offshore yuan fell faster than the onshore yuan on Friday, with both reaching seven-month lows. The Chinese currency extended its losing streak against the dollar to 12 straight days, its longest ever.
The onshore-offshore spread widened to 132 basis points amid trade war fears.
A weaker yuan makes Chinese purchases of US farm goods more expensive and can slow Chinese feed demand, adding pressure to US soybean and feed prices. The sustained slide also signals international investor pessimism about China's trade outlook.
scmp.comEnoch YiuJun 29, 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.
