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A deputy governor of the People's Bank of China said on October 18 that the yuan's recent stability is decided by market forces and that the central bank has largely ended daily intervention in the foreign exchange market. He said the currency should be more stable after the 19th Party Congress.
Less state management of the yuan means more exchange-rate volatility, which can change the cost of Chinese imports of feed ingredients priced in dollars. The signal is modest for near-term feed prices.
scmp.comLiu ZhenOct 18, 2017After 169 past neutral macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (50% higher; middle half -0.3% to +0.2%), and -0.0% 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.
