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Hong Kong stocks fell to 13-year lows and the onshore yuan hit its weakest level in nearly 15 years as global investors sold Chinese assets after Xi Jinping's new leadership team raised growth concerns. The offshore yuan slipped below 7.30 per dollar to a record low.
A weaker yuan makes dollar-priced grain and oilseed imports more expensive for Chinese buyers, which can dampen import demand and pressure US export prices.
reuters.comYu Xie, Summer ZhenOct 24, 2022After 398 past bullish macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (56% higher; middle half -0.3% to +0.5%), 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.
