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The Chinese yuan kept strengthening against the US dollar, with the central parity rate rising 191 basis points to above 6.61 on Wednesday after a 60-basis-point gain Tuesday. The move took the currency to its highest level since August 2016.
A firmer yuan lifts Chinese import purchasing power for feed ingredients priced in dollars, while a stronger yuan can modestly support Chinese demand for US and Brazilian feed commodities.
en.people.cnF_200803Aug 31, 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.
