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Xinhua reported that the yuan closed 2017 at 6.5120 per dollar, up 6.72% for the year and its sharpest annual gain in nine years. It attributed the strength to a softer dollar, a robust Chinese economy, tighter regulation and growing global use of the currency.
A stronger yuan lowers the local cost of dollar-priced imports such as soybeans and meal, which can support Chinese demand. Analysts expect the currency to hold steady against a basket in 2018, so the feed price impact should stay limited.
xinhuanet.comDec 31, 2017After 362 past bearish macro events, Chinese Yuan (CNY per USD) moved a median -0.1% over 5 sessions (42% higher; middle half -0.4% to +0.1%), and -0.2% 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.
