# China Sets Weaker-Than-Expected Yuan Fix, Adds More Cash  - Caixin Global

> The People's Bank of China set its yuan reference rate at 6.4069 per dollar, weaker than the Bloomberg survey average of 6.4042. It also boosted short-term liquidity by injecting 100 billion yuan into money markets, citing tax payments and bond issuance. The move followed the yuan's largest one-day rally since January.

- Date: 2021-10-20 · published 2021-10-20T12:00:00.000Z
- Category: policy · region China · magnitude low
- Page: https://feedsoft.ai/events/7480-china-sets-weaker-than-expected-yuan-fix-adds-more-cash-caixin-global
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

The weaker fix signals Beijing's intent to slow yuan appreciation and protect export competitiveness. This keeps the dollar-yuan rate firmer, which has modest implications for Chinese import costs for US and Brazilian commodities.

## Read by commodity

- USDCNY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2017-09-24 | [Fans of a more open China should welcome the devalued yuan](https://feedsoft.ai/events/69192-fans-of-a-more-open-china-should-welcome-the-devalued-yuan.md) | +1.0% | +0.7% |
| USDCNY | 2020-10-28 | [Yuan’s Rally Faces Test After Banks Tweak Daily Reference Rate - Caixin Global](https://feedsoft.ai/events/50849-yuan-s-rally-faces-test-after-banks-tweak-daily-reference-rate-caixin-global.md) | -0.4% | -1.9% |
| USDCNY | 2020-10-28 | [Yuan eases after China tweaks fixing formula to rein in strength \| Financial Post](https://feedsoft.ai/events/50848-yuan-eases-after-china-tweaks-fixing-formula-to-rein-in-strength-financial-post.md) | -0.4% | -1.9% |
| USDCNY | 2021-12-15 | [China's c.bank records biggest net FX purchases in more than six years in Nov](https://feedsoft.ai/events/43817-china-s-c-bank-records-biggest-net-fx-purchases-in-more-than-six-years-in-nov.md) | +0.1% | -0.1% |
| USDCNY | 2020-07-03 | [Chinese yuan weakens to 7.0638 against USD Friday_Xinhua Finance Agency](https://feedsoft.ai/events/9736-chinese-yuan-weakens-to-7-0638-against-usd-friday-xinhua-finance-agency.md) | -0.9% | -1.3% |

## Sources

- caixinglobal.com: https://www.caixinglobal.com/2021-10-20/china-sets-weaker-than-expected-yuan-fix-adds-more-cash-101789013.html

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