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The yuan fell 1 percent against the dollar on February 8, its biggest one-day drop since the 2015 devaluation, after Beijing warned investors the currency could not move in only one direction. The People's Bank of China said it expects more balance between inbound and outbound capital flows.
The yuan later recovered much of the decline by Friday's close.
Beijing signalling a more two-way yuan suggests less one-way currency appreciation ahead, which slightly reduces the boost to yuan-denominated import purchasing power. The effect on feed prices is limited.
scmp.comSidney LengFeb 9, 2018After 169 past neutral macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (50% higher; middle half -0.3% to +0.2%), 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.
