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Bloomberg reports that China's yuan policy surprised forecasters, with the onshore rate posting its steepest gain in more than four months over the last four days. The move pushed the currency beyond levels predicted by even the most optimistic analysts.
Sharp currency moves change the dollar cost of Chinese imports and the competitiveness of Chinese buyers of US feed commodities. The surprise adds volatility to the outlook for yuan-denominated demand.
bloomberg.comJun 1, 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.
