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The yuan firmed against the US dollar on Friday as the greenback pared gains following the Federal Reserve's hawkish statement. S&P downgraded China's long-term sovereign credit rating, but the market reaction was muted.
A firmer yuan lowers the cost of dollar-priced imports for China, a modest support for Chinese buying of US feed ingredients and a small dollar-strength offset.
businesstimes.com.sgSep 21, 2017After 362 past bearish macro events, Chinese Yuan (CNY per USD) moved a median -0.1% over 5 sessions (42% higher; middle half -0.4% to +0.1%), 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.
