# China’s yuan falls to near 3-month low on weaker fixing, tariff worries - Markets - Business Recorder

> The yuan fell to a near three-month low against the dollar after the PBOC set a weaker-than-expected fixing. Markets also priced in worries about higher US tariffs on Chinese goods following Donald Trump's election win, with Trump having pledged tariffs of 60% or more.

- Date: 2024-11-07 · published 2024-11-07T12:00:00.000Z
- Category: trade · region China · magnitude high
- Page: https://feedsoft.ai/events/6858-china-s-yuan-falls-to-near-3-month-low-on-weaker-fixing-tariff-worries-markets
- 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), [Sorghum](https://feedsoft.ai/c/SORGHUM.md)

## Why it matters

Tariff fears and a weaker yuan reduce the expected value of Chinese purchases of US farm goods and could shift flows toward Brazilian soybeans. Potential retaliation and currency defense by Beijing adds uncertainty to export demand.

## Read by commodity

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

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| USDCNY | 2024-11-12 | 5 | +1.9% | 4.8 | A weaker-than-expected PBOC fix and tariff worries pushed the yuan to a near 3-month low on Nov 7, adding to the depreciation. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2025-02-28 | [China’s yuan falls to 2-week low after Trump proposes extra tariffs on Chinese exports](https://feedsoft.ai/events/26290-china-s-yuan-falls-to-2-week-low-after-trump-proposes-extra-tariffs-on-chinese.md) | -0.5% | -0.3% |
| USDCNY | 2019-05-13 | [Forex Market: Yuan weakest since December as China adds tariffs](https://feedsoft.ai/events/8441-forex-market-yuan-weakest-since-december-as-china-adds-tariffs.md) | +1.4% | +1.6% |
| USDCNY | 2018-07-31 | [US dollar pressures yuan, Australian dollar on tariff reports - The Business Times](https://feedsoft.ai/events/64306-us-dollar-pressures-yuan-australian-dollar-on-tariff-reports-the-business-times.md) | +0.6% | +0.1% |
| USDCNY | 2019-05-06 | [China stocks, yuan tumble on Trump's fresh tariff threats \| Reuters](https://feedsoft.ai/events/59287-china-stocks-yuan-tumble-on-trump-s-fresh-tariff-threats-reuters.md) | +1.3% | +2.5% |
| USDCNY | 2019-08-05 | [Chinese startle U.S. grain markets \| Iowa Agribusiness Radio Network](https://feedsoft.ai/events/6045-chinese-startle-u-s-grain-markets-iowa-agribusiness-radio-network.md) | +1.8% | +3.1% |
| SOY | 2025-09-24 | [Soybeans ease to nearly 6-week low on harvest pressure, lack of China demand - Markets - Business Recorder](https://feedsoft.ai/events/22900-soybeans-ease-to-nearly-6-week-low-on-harvest-pressure-lack-of-china-demand.md) | -1.0% | +1.9% |
| SOY | 2021-09-07 | [China's August soybean imports fall on flat demand - Markets - Business Recorder](https://feedsoft.ai/events/45066-china-s-august-soybean-imports-fall-on-flat-demand-markets-business-recorder.md) | -0.8% | -3.7% |
| SOY | 2026-03-17 | [Chicago soybeans fall - Markets - Business Recorder](https://feedsoft.ai/events/5794-chicago-soybeans-fall-markets-business-recorder.md) | +0.7% | +0.2% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40331224

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