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The yuan's central parity rate weakened to 6.5569 against the dollar on Wednesday, a new 2018 low. Analysts attributed the move to a stronger dollar, the US Fed's rate hike, easing policies at European and Japanese central banks, and trade friction concerns.
The yuan can move 2% either side of the parity rate each day.
A weaker yuan reduces Chinese buying power for US soybeans, corn and meal, which can weigh on US feed grain prices. The trade-friction driver also signals risk to export demand.
ecns.cnJun 28, 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.
