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China approved a record $10bn in new QDII outbound investment quotas, bringing cumulative approvals to $147bn. The move allows more capital to leave the country while the renminbi has risen almost 10% against the dollar over the past year.
Expanded outflows add modest downward pressure on the yuan, which could slightly support China's dollar-denominated import costs for feed ingredients. The effect on grain prices is likely small.
ft.comThomas Hale, Hudson LockettJun 15, 2021After 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.
