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The yuan's central parity rate strengthened after China said it will expand the CFETS currency basket from 13 to 24 currencies from January 1. The U.S. dollar's weight in the basket falls to 22.4% from 26.4%.
The basket change dilutes the dollar's role in setting the yuan, a modest support for the yuan that could temporarily ease pressure on Chinese feed import costs.
caixinglobal.comFran WangDec 30, 2016After 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.
