# China stocks tumble as Xi's team fans economic concern; yuan weakens | Reuters

> 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.

- Date: 2022-10-24 · published 2022-10-24T12:00:00.000Z
- Category: macro · region China · magnitude medium
- Page: https://feedsoft.ai/events/6930-china-stocks-tumble-as-xi-s-team-fans-economic-concern-yuan-weakens-reuters
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

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.

## Read by commodity

- USDCNY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2016-11-16 | [China’s Yuan Tumbles to Eight-Year Low as Banks Weaken Forecasts - Bloomberg](https://feedsoft.ai/events/7741-china-s-yuan-tumbles-to-eight-year-low-as-banks-weaken-forecasts-bloomberg.md) | +0.5% | +0.7% |
| USDCNY | 2021-07-28 | [Asian currencies: Chinese yuan, Hong Kong dollar weaken as China stocks fall](https://feedsoft.ai/events/46285-asian-currencies-chinese-yuan-hong-kong-dollar-weaken-as-china-stocks-fall.md) | -0.6% | -0.6% |
| USDCNY | 2018-10-29 | [China's yuan finishes onshore trading at weakest since 2008 By Reuters](https://feedsoft.ai/events/62763-china-s-yuan-finishes-onshore-trading-at-weakest-since-2008-by-reuters.md) | -0.8% | +0.1% |
| USDCNY | 2020-02-03 | [China's yuan weakens but falling yen points to risk recovery](https://feedsoft.ai/events/5135-china-s-yuan-weakens-but-falling-yen-points-to-risk-recovery.md) | +1.2% | +0.6% |
| USDCNY | 2022-10-25 | [China’s yuan tumbles amid fears about Xi’s third term \| CNN Business](https://feedsoft.ai/events/39357-china-s-yuan-tumbles-amid-fears-about-xi-s-third-term-cnn-business.md) | +0.6% | -1.7% |

## Sources

- reuters.com: https://www.reuters.com/markets/asia/china-stocks-tumble-xis-team-fans-economic-concern-yuan-weakens-2022-10-24/

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