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Protests in China expanded across multiple cities over ongoing lockdowns after a deadly fire in which fire services were blocked. Authorities responded with a security crackdown.
Analysts say the zero-COVID strategy could weigh on growth and the yuan, with China's 10-year yield now below the U.S. 10-year yield.
Yuan weakness from slowing growth and yield-gap pressure raises the cost of dollar-priced feed imports. Prolonged lockdowns also reduce Chinese demand for meat and feed.
ig.comPeter KeusgenDec 6, 2022After 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.
