# Happy Chinese Yuan | snaps | ING THINK

> ING revised its end-2018 USD/CNY forecast to 6.10 from 6.30, citing dollar weakness and exporters converting dollar receipts ahead of Chinese New Year. The yuan passed 6.30 per dollar on January 31, 2018, and the central bank reset its counter-cyclical fixing factor to zero so the currency will track market forces more closely.

- Date: 2018-02-01 · published 2018-02-01T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/66715-happy-chinese-yuan-snaps-ing-think
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A firmer yuan and expected further appreciation lower the yuan cost of dollar-priced imports, which can support Chinese feed import demand over time. The effect on grain and meal prices is indirect and gradual.

## Read by commodity

- DXY: bearish ▼
- USDCNY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2020-08-27 | [The inexorable rise of the Chinese yuan](https://feedsoft.ai/events/51841-the-inexorable-rise-of-the-chinese-yuan.md) | -0.7% | -0.8% |
| USDCNY | 2019-08-06 | [Forex markets: Chinese yuan in focus](https://feedsoft.ai/events/5369-forex-markets-chinese-yuan-in-focus.md) | +0.1% | +1.9% |
| USDCNY | 2018-11-16 | [Is a Chinese yuan appreciation on the way? - CGTN](https://feedsoft.ai/events/62267-is-a-chinese-yuan-appreciation-on-the-way-cgtn.md) | +0.1% | -0.6% |
| USDCNY | 2017-05-24 | [The Chinese Yuan Jumps to a 2-Month High - Business Insider](https://feedsoft.ai/events/8838-the-chinese-yuan-jumps-to-a-2-month-high-business-insider.md) | -1.1% | -0.9% |
| USDCNY | 2023-11-22 | [Chinese Yuan Bounce Overdone](https://feedsoft.ai/events/12029-chinese-yuan-bounce-overdone.md) | -0.1% | +0.0% |
| DXY | 2020-08-27 | [The inexorable rise of the Chinese yuan](https://feedsoft.ai/events/51841-the-inexorable-rise-of-the-chinese-yuan.md) | -0.5% | +0.8% |
| DXY | 2025-08-28 | [Chinese Yuan Rises After PBOC Fixing - WSJ](https://feedsoft.ai/events/23542-chinese-yuan-rises-after-pboc-fixing-wsj.md) | +0.0% | -0.2% |
| DXY | 2021-08-27 | [The Commodities Feed: USD holds the market back \| snaps \| ING THINK](https://feedsoft.ai/events/45481-the-commodities-feed-usd-holds-the-market-back-snaps-ing-think.md) | -0.9% | -0.0% |

## Sources

- think.ing.com: https://think.ing.com/snaps/happy-chinese-yuan/

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