# Renminbi Continues to Fall: Central bank sets yuan midpoint fixing against dollar at 6.6166 - CGTN

> 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.

- Date: 2018-06-29 · published 2018-06-29T12:00:00.000Z
- Category: macro · region China · magnitude medium
- Page: https://feedsoft.ai/events/64735-renminbi-continues-to-fall-central-bank-sets-yuan-midpoint-fixing-against
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

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.

## Read by commodity

- USDCNY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2024-05-23 | [China Allows Yuan to Drop as Outflows, Dollar Test Central Bank’s Grip - Caixin Global](https://feedsoft.ai/events/30490-china-allows-yuan-to-drop-as-outflows-dollar-test-central-bank-s-grip-caixin.md) | +0.1% | +0.3% |
| USDCNY | 2024-01-19 | [China’s yuan set to weaken for a third week against rebounding dollar - Markets - Business Recorder](https://feedsoft.ai/events/32358-china-s-yuan-set-to-weaken-for-a-third-week-against-rebounding-dollar-markets.md) | -0.4% | -0.0% |
| USDCNY | 2017-04-25 | [China's yuan dips against US dollar, falls to record low against currency basket - The Business Times](https://feedsoft.ai/events/71709-china-s-yuan-dips-against-us-dollar-falls-to-record-low-against-currency-basket.md) | +0.1% | -0.0% |
| USDCNY | 2018-07-20 | [China’s yuan falls against dollar, helping exporters \| The Seattle Times](https://feedsoft.ai/events/64270-china-s-yuan-falls-against-dollar-helping-exporters-the-seattle-times.md) | +0.2% | +1.6% |
| USDCNY | 2019-05-18 | [Onshore Yuan Breaks 6.9 Against U.S. Dollar as Trade War Intensifies - Caixin Global](https://feedsoft.ai/events/59281-onshore-yuan-breaks-6-9-against-u-s-dollar-as-trade-war-intensifies-caixin.md) | -0.3% | +0.1% |

## Sources

- news.cgtn.com: https://news.cgtn.com/news/334d444e33454464776c6d636a4e6e62684a4856/share_p.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.