# CNY/USD: China Sets Yuan Fix at Weakest Since 2023 - Bloomberg

> 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.

- Date: 2024-11-07 · published 2024-11-07T12:00:00.000Z
- Category: macro · region China · magnitude medium
- Page: https://feedsoft.ai/events/6857-cny-usd-china-sets-yuan-fix-at-weakest-since-2023-bloomberg
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

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.

## Read by commodity

- SOY: bearish ▼
- CORN: bearish ▼
- USDCNY: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| USDCNY | 2024-11-12 | 5 | +1.9% | 4.8 | The fix was set at its weakest since 2023, signaling official tolerance for depreciation, though it matched expectations. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2022-10-25 | [China’s Yuan CNY USD Drops as PBOC Sets Fix at Weakest Level in 14 Years - Bloomberg](https://feedsoft.ai/events/6933-china-s-yuan-cny-usd-drops-as-pboc-sets-fix-at-weakest-level-in-14-years.md) | +0.6% | -1.7% |
| USDCNY | 2022-10-24 | [CNY/USD: China Yuan Weakens Past 7.3 Per Dollar, All-Time Low Since 2010 - Bloomberg](https://feedsoft.ai/events/6932-cny-usd-china-yuan-weakens-past-7-3-per-dollar-all-time-low-since-2010-bloomberg.md) | +0.1% | -1.0% |
| USDCNY | 2016-06-27 | [China Weakens Yuan Fixing by Most Since August as Dollar Surges - Bloomberg](https://feedsoft.ai/events/12454-china-weakens-yuan-fixing-by-most-since-august-as-dollar-surges-bloomberg.md) | +0.6% | +1.0% |
| USDCNY | 2023-10-19 | [Yuan Traders Fret Over Widest China-US Yield Gap Since 2002 - Bloomberg](https://feedsoft.ai/events/33859-yuan-traders-fret-over-widest-china-us-yield-gap-since-2002-bloomberg.md) | +0.0% | -1.0% |
| USDCNY | 2024-07-01 | [China Loosens Grip on Yuan With Weakest Fixing Since November](https://feedsoft.ai/events/30008-china-loosens-grip-on-yuan-with-weakest-fixing-since-november.md) | +0.0% | -0.1% |
| SOY | 2022-09-29 | [CNY/USD: Why China’s Yuan Hit Record Lows Against the Dollar - Bloomberg](https://feedsoft.ai/events/7207-cny-usd-why-china-s-yuan-hit-record-lows-against-the-dollar-bloomberg.md) | -2.8% | -1.9% |
| SOY | 2022-08-19 | [China Yuan Slumps to Near-Two-Year Low Against USD as Rate Differential Widens - Bloomberg](https://feedsoft.ai/events/40262-china-yuan-slumps-to-near-two-year-low-against-usd-as-rate-differential-widens.md) | +3.8% | -3.1% |
| SOY | 2026-07-31 | [Offshore Yuan Holds at Strongest Level Since 2023](https://feedsoft.ai/events/18573-offshore-yuan-holds-at-strongest-level-since-2023.md) | -1.7% | +6.7% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2024-11-07/china-cuts-yuan-fix-to-weakest-since-2023-greenlighting-decline

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.