As stock sell-off sweeps Asia, China’s yuan surges as US rate cuts loom

After 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.

• Nov 26, 2025China sets strongest yuan fix in over a year as Fed-cut bets rise | South China Morning Post-0.3%
• Sep 6, 2025China’s yuan rallies with central bank backing as worries mount over US dollar | South China Morning Post-0.1%
• Jan 5, 2017Update | Offshore yuan borrowing costs spike to 110 pc as PBOC beats back short sellers | South China Morning Post+0.1%
• Jul 31, 2026China’s offshore yuan hits 3-year high as Beijing signals policy support | South China Morning Post-0.1%
• Jun 20, 2016Chinese yuan strengthens ahead of Brexit vote | South China Morning Post+0.5%

After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.

• Dec 5, 2022China’s yuan strengthens past 7 per US dollar amid easing of coronavirus curbs | South China Morning Post+0.3%
• Sep 29, 2017Can the US dollar make a comeback? | South China Morning Post+0.3%
• Dec 1, 2022US dollar strength has ‘reached peak’, China’s central bank says, as Fed considers scaling back rate hikes | South China Morning Post-0.6%
• Aug 21, 2017Macroscope | How to read the outlook for the US dollar | South China Morning Post-0.6%
• Mar 18, 2021China's yuan hits 1-week high, but rally slows as Sino-U.S. meet looms | Financial Post+0.4%