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China's central bank set the yuan midpoint fixing at 6.6166 per dollar, extending a drop that has lasted eight sessions. The decline is attributed to trade tensions, a strong dollar index and a narrowing US-China bond yield spread.
Weak demand for the yuan and corporate bond defaults were also cited.
A persistent yuan decline raises the cost of US agricultural imports for Chinese buyers and may reduce feed demand. The drivers cited point to ongoing currency pressure rather than a one-off move.
news.cgtn.comJun 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.
