# Yuan Snaps Losing Streak as Dollar Loses Ground - Caixin Global

> The yuan rose sharply against the dollar on Thursday, with the onshore currency gaining more than 500 pips, its biggest move in eight months. The official spot closing rate reached 7.2203, its strongest level in over two months. The move followed expectations of Fed rate cuts and continued PBOC support for the exchange rate.

- Date: 2024-07-26 · published 2024-07-26T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/7519-yuan-snaps-losing-streak-as-dollar-loses-ground-caixin-global
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A firmer yuan and weaker dollar reduce the local-currency cost of dollar-priced imports, which can support Chinese buying of feed commodities. The dollar's softness is generally supportive for dollar-denominated grain prices.

## Read by commodity

- DXY: bearish ▼
- USDCNY: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| USDCNY | 2024-07-25 | 1 | -0.4% | -4.2 | The onshore yuan jumped over 500 pips on Thursday (its biggest move in eight months) as the dollar weakened on Fed cut expectations and PBOC support, which matches the large -0.43% USD/CNY move; the article is dated a day later but describes the same session. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2021-05-28 | [CX Daily: Yuan’s Strength Seen Continuing as Dollar Weakens - Caixin Global](https://feedsoft.ai/events/47324-cx-daily-yuan-s-strength-seen-continuing-as-dollar-weakens-caixin-global.md) | +0.2% | +1.1% |
| USDCNY | 2025-05-28 | [China Pulls Back Support as Yuan Rebounds Against Dollar  - Caixin Global](https://feedsoft.ai/events/24886-china-pulls-back-support-as-yuan-rebounds-against-dollar-caixin-global.md) | -0.1% | -0.3% |
| USDCNY | 2020-12-15 | [In Depth: What’s Next for the Yuan After Crushing the Dollar for Six Months - Caixin Global](https://feedsoft.ai/events/49864-in-depth-what-s-next-for-the-yuan-after-crushing-the-dollar-for-six-months.md) | +0.0% | -1.1% |
| USDCNY | 2019-01-31 | [Yuan Strengthens As Fed Holds Interest Rates Steady - Caixin Global](https://feedsoft.ai/events/61310-yuan-strengthens-as-fed-holds-interest-rates-steady-caixin-global.md) | +0.5% | -0.1% |
| USDCNY | 2026-05-22 | [Analysis: Where Is the Strengthening Yuan Headed? - Caixin Global](https://feedsoft.ai/events/19489-analysis-where-is-the-strengthening-yuan-headed-caixin-global.md) | -0.5% | -0.4% |
| DXY | 2023-04-20 | [Latam FX higher against soft dollar, Brazil real snaps 3-day losing streak \| Financial Post](https://feedsoft.ai/events/36623-latam-fx-higher-against-soft-dollar-brazil-real-snaps-3-day-losing-streak.md) | +0.0% | +0.3% |
| DXY | 2021-01-04 | [Dollar extends 2020 losing streak amid upbeat sentiment; yuan shines - Markets - Business Recorder](https://feedsoft.ai/events/12074-dollar-extends-2020-losing-streak-amid-upbeat-sentiment-yuan-shines-markets.md) | -0.0% | +0.9% |
| DXY | 2026-01-28 | [Aussie dollar breaks barrier as greenback loses shine](https://feedsoft.ai/events/21314-aussie-dollar-breaks-barrier-as-greenback-loses-shine.md) | +0.4% | +0.3% |

## Sources

- caixinglobal.com: https://www.caixinglobal.com/2024-07-26/yuan-snaps-losing-streak-as-dollar-loses-ground-102220344.html

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