◂ Event Timeline

Nov 16, 2017MACROChina

Yuan Looks More Like Floating Currency Now, Fed Study Shows

A New York Fed staff study concluded that the yuan's daily fixing now responds to market forces and largely tracks the previous day's dollar-yuan move. Daily trading fluctuations remain unusually low.

WHY IT MATTERS

A more market-driven yuan makes exchange-rate moves more predictable for importers pricing US feed and grain. It has no direct effect on feed supply or demand.

AFFECTSChinese Yuan (CNY per USD)

SOURCE
bloomberg.comChris AnsteyNov 16, 2017

Price reaction & history

Chinese Yuan (CNY per USD)no directional readSO FAR1d +0.1%5d -0.2%20d -0.2%

After 991 past macro events, Chinese Yuan (CNY per USD) moved a median -0.0% over 5 sessions (49% higher; middle half -0.3% to +0.3%), and -0.1% over 20.

Jun 17, 2021Fed Surprise May Herald New Era of Asian Currency Weakness - Bloomberg+1.2%
Jan 9, 2018China Changes the Way It Manages Yuan After Currency's Jump - Bloomberg-0.9%
Jan 16, 2017Yuan Top Forecaster Sees No End to Losses as China Economy Slows - Bloomberg-0.6%
Nov 22, 2017China's Banks Are Getting Ready for Bigger Swings in the Yuan - Bloomberg-0.3%
Sep 7, 2017PBOC Hasn't Embraced Yuan Gains Like This Since the Arab Spring - Bloomberg+0.3%

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.

Chinese Yuan (CNY per USD) USDCNY · GP ▸

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