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Economists surveyed by Yicai Global cut their yuan-dollar forecast for the first time in seven months, despite the yuan index rising in October. They now expect the rate at 6.65 by end-November and 6.68 by year-end.
The October rise was driven by yuan gains against the euro and yen.
Lower yuan expectations signal a softer currency outlook that could modestly raise the cost of dollar-priced US feed imports for China. The forecast change is unlikely to move feed prices directly.
yicaiglobal.comKan Mingfang, Huang HuihongNov 14, 2017After 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.
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.
