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Economists said the PBOC intends to keep the renminbi stable against a basket of major currencies as the currency's appreciation against the dollar loses momentum. The central bank recently raised the reserve requirement on foreign currency deposits to reduce foreign exchange supply.
Stable yuan policy reduces the chance of abrupt currency swings that would disrupt the dollar cost of Chinese feed imports. Feed prices are unlikely to move on this news alone.
chinadaily.com.cn董志成Jun 18, 2021After 42 past neutral policy events, Chinese Yuan (CNY per USD) moved a median -0.0% over 5 sessions (50% higher; middle half -0.3% to +0.4%), 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.
