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ING expects China's foreign exchange reserves to rise, citing yuan appreciation of 0.38% against the dollar in November and stronger net capital inflows. It notes that corporate exporters are converting dollar receipts into yuan as the currency strengthens.
Rising reserves and capital inflows point to firmer yuan conditions, which lower the local cost of dollar-priced imports. The implications for feed commodity prices are limited.
think.ing.comIris PangDec 5, 2017After 362 past bearish macro events, USDCNY 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.
