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The People's Bank of China announced a reform of its daily USD/CNY midpoint fixing mechanism, which an analyst says was timed to weaken the yuan. The commentary frames the change as a step toward internationalising the currency.
A weaker yuan makes US and other dollar-priced feed imports more expensive for China, which could slow purchases at the margin.
lens.monash.eduAlice De JongeSep 24, 2017After 31 past bullish policy events, Chinese Yuan (CNY per USD) moved a median -0.2% over 5 sessions (42% higher; middle half -0.4% to +0.3%), and -0.1% 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.
