# As stock sell-off sweeps Asia, China’s yuan surges as US rate cuts loom | South China Morning Post

> The onshore yuan rallied to a high of 7.1150 per US dollar, its strongest level since January, and closed at 7.1385 on Monday. The move followed expectations of US interest rate cuts in September and a sharp rise in the yen amid a regional stock sell-off.

- Date: 2024-08-05 · published 2024-08-05T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/7430-as-stock-sell-off-sweeps-asia-china-s-yuan-surges-as-us-rate-cuts-loom-south
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Expectations of Fed easing weaken the dollar and tend to support commodity prices, including grains. A stronger yuan can also modestly support Chinese demand for imported feed ingredients.

## Read by commodity

- DXY: bearish ▼
- USDCNY: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| USDCNY | 2024-08-05 | 5 | -1.8% | -4.3 | On Aug 5 the onshore yuan surged to its strongest since January (7.1150) on expected September US rate cuts and a yen spike amid the Asian sell-off, directly driving the CNY per USD decline. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2025-11-26 | [China sets strongest yuan fix in over a year as Fed-cut bets rise \| South China Morning Post](https://feedsoft.ai/events/22172-china-sets-strongest-yuan-fix-in-over-a-year-as-fed-cut-bets-rise-south-china.md) | -0.3% | -1.0% |
| USDCNY | 2025-09-06 | [China’s yuan rallies with central bank backing as worries mount over US dollar \| South China Morning Post](https://feedsoft.ai/events/23115-china-s-yuan-rallies-with-central-bank-backing-as-worries-mount-over-us-dollar.md) | -0.1% | -0.2% |
| USDCNY | 2017-01-05 | [Update \| Offshore yuan borrowing costs spike to 110 pc as PBOC beats back short sellers \| South China Morning Post](https://feedsoft.ai/events/73182-update-offshore-yuan-borrowing-costs-spike-to-110-pc-as-pboc-beats-back-short.md) | +0.1% | -1.0% |
| USDCNY | 2026-07-31 | [China’s offshore yuan hits 3-year high as Beijing signals policy support \| South China Morning Post](https://feedsoft.ai/events/18569-china-s-offshore-yuan-hits-3-year-high-as-beijing-signals-policy-support-south.md) | -0.1% | -0.5% |
| USDCNY | 2016-06-20 | [Chinese yuan strengthens ahead of Brexit vote \| South China Morning Post](https://feedsoft.ai/events/10880-chinese-yuan-strengthens-ahead-of-brexit-vote-south-china-morning-post.md) | +0.5% | +1.8% |
| DXY | 2022-12-05 | [China’s yuan strengthens past 7 per US dollar amid easing of coronavirus curbs \| South China Morning Post](https://feedsoft.ai/events/6581-china-s-yuan-strengthens-past-7-per-us-dollar-amid-easing-of-coronavirus-curbs.md) | +0.3% | +0.1% |
| DXY | 2017-09-29 | [Can the US dollar make a comeback? \| South China Morning Post](https://feedsoft.ai/events/69153-can-the-us-dollar-make-a-comeback-south-china-morning-post.md) | +0.3% | +1.7% |
| DXY | 2022-12-01 | [US dollar strength has ‘reached peak’, China’s central bank says, as Fed considers scaling back rate hikes \| South China Morning Post](https://feedsoft.ai/events/6579-us-dollar-strength-has-reached-peak-china-s-central-bank-says-as-fed-considers.md) | -0.6% | -1.5% |

## Sources

- scmp.com: https://www.scmp.com/economy/economic-indicators/article/3273237/stock-sell-sweeps-asia-chinas-yuan-surges-us-rate-cut-loom

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.