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The yuan fell to an eight-year low of 6.8950 per dollar on Friday, extending a sharp weekly decline. The fall so far this year stands at 5.8 percent, which would be the yuan's biggest annual drop since the 2005 revaluation.
Sources say Beijing is ready to slow the depreciation because of worries about capital outflows.
A weaker yuan makes Chinese feed ingredient purchases from dollar-priced suppliers more expensive in local currency, which can slow import demand for soybeans and meal. Official efforts to slow the decline could limit further currency-driven pressure on Chinese buying.
reuters.comKevin YaoNov 18, 2016After 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.
