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The yuan weakened against the dollar on strong corporate demand for dollars, pushing it past 6.92 per dollar in early trade. State-owned banks sold dollars onshore to slow the slide.
A weaker yuan raises the cost of dollar-priced imports for China, including feed ingredients, which can temper Chinese buying at the margin. Intervention signals that authorities are limiting the move.
reuters.comMar 9, 2017After 398 past bullish macro events, USDCNY 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.
