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A Hong Kong Institute for Monetary Research paper examines how much market forces versus official intervention determine the daily renminbi fixing since the August 2015 reforms. The paper tests China's claim that the fixing is now mainly market-based.
The findings bear on how predictable the yuan's path is for importers and hedgers. The article is paywalled and offers no direct price signal for feed commodities.
centralbanking.comCentral Banking NewsdeskMar 21, 2017After 169 past neutral macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (50% higher; middle half -0.3% to +0.2%), 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.
