# Yuan Falls to Lowest Level Since 2008 on Hawkish Fed and Growth Risks - Caixin Global

> The onshore yuan fell to 7.2525 per dollar, its weakest since January 2008, as the dollar strengthened on hawkish Federal Reserve comments. Covid lockdowns in Xi'an also heightened concerns about Chinese growth, even as the central bank set a firmer-than-expected fixing.

- Date: 2022-10-22 · published 2022-10-22T12:00:00.000Z
- Category: macro · region China · magnitude medium
- Page: https://feedsoft.ai/events/6934-yuan-falls-to-lowest-level-since-2008-on-hawkish-fed-and-growth-risks-caixin
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

Yuan weakness and slower Chinese growth both reduce Chinese demand for imported feed commodities, which is bearish for US and Brazilian export prices.

## Read by commodity

- USDCNY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2020-03-30 | [China's overnight onshore dollar/yuan swap points fall to lowest level since 2007 \| Financial Post](https://feedsoft.ai/events/54321-china-s-overnight-onshore-dollar-yuan-swap-points-fall-to-lowest-level-since.md) | -0.0% | -0.2% |
| USDCNY | 2020-04-02 | [Yuan falls to near 6-month low as global coronavirus fears grow  - CGTN](https://feedsoft.ai/events/53875-yuan-falls-to-near-6-month-low-as-global-coronavirus-fears-grow-cgtn.md) | -0.5% | -0.3% |
| USDCNY | 2022-04-20 | [Chinese Yuan Extends Drop to Six-Month Low as U.S. Yields Rise - Caixin Global](https://feedsoft.ai/events/4946-chinese-yuan-extends-drop-to-six-month-low-as-u-s-yields-rise-caixin-global.md) | +2.5% | +5.4% |
| USDCNY | 2024-05-23 | [China Allows Yuan to Drop as Outflows, Dollar Test Central Bank’s Grip - Caixin Global](https://feedsoft.ai/events/30490-china-allows-yuan-to-drop-as-outflows-dollar-test-central-bank-s-grip-caixin.md) | +0.1% | +0.3% |
| USDCNY | 2023-03-31 | [Widening U.S.-China Rate Gap Set to Weigh on Yuan’s Resilience - Caixin Global](https://feedsoft.ai/events/37088-widening-u-s-china-rate-gap-set-to-weigh-on-yuan-s-resilience-caixin-global.md) | +0.1% | +0.8% |

## Sources

- caixinglobal.com: https://www.caixinglobal.com/2022-10-22/yuan-falls-to-lowest-level-since-2008-on-hawkish-fed-and-growth-risks-101954485.html

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