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China's central bank changed the regime used to manage the yuan, effectively removing a component banks use when submitting quotes for the daily reference rate. The change was reported by people familiar with the matter.
The yuan had recently jumped against the dollar.
The change gives the market more influence over the yuan, which could bring a weaker currency at times and raise the yuan price of dollar-denominated feed imports. Its effect on feed demand depends on how far the currency moves.
bloomberg.comBloomberg NewsJan 9, 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.
