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China's central bank set the yuan's daily reference fix at 7.1659 per dollar, the weakest level since late 2023. The fix was broadly in line with a Bloomberg survey of analyst estimates.
A weaker yuan makes Chinese purchases of US feed grains and soybeans more expensive in local terms, which can dampen import demand. The signal of allowed depreciation under tariff pressure also points to a stronger dollar supporting US export competitiveness.
bloomberg.comBloomberg NewsNov 7, 2024After 398 past bullish macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (56% higher; middle half -0.3% to +0.5%), and +0.0% over 20.
After 273 past bearish macro events, Soybeans moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.4%), and -0.5% over 20.
After 301 past bearish macro events, Corn moved a median -0.1% over 5 sessions (47% higher; middle half -2.2% to +1.3%), 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.
The fix was set at its weakest since 2023, signaling official tolerance for depreciation, though it matched expectations.
