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The PBOC's central parity rate for the yuan strengthened to 6.5416 per dollar on December 26, 2017, its highest since September 13. The central bank also said it would not conduct open market operations that day because banking liquidity was comparatively high.
A firmer yuan fixing lowers the local cost of dollar-priced grain and meal imports, which can modestly support Chinese buying. The move is a routine fixing with no direct effect on feed supply.
chinadaily.com.cn谭欣雨Dec 26, 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.
