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The state-owned Securities Times said in a commentary that the yuan is unlikely to continue depreciating rapidly, citing a prudent balance of payments. Losses have been restrained compared with other currencies.
Expectations of a slower yuan slide reduce the pressure on Chinese import costs, a mildly supportive factor for China's feed demand, though the story is commentary rather than a policy action.
reuters.comSep 29, 2022After 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.
State media commentary saying rapid depreciation is unlikely to continue was verbal guidance that reinforced a reversal in sentiment and encouraged yuan buying.
