# Chinese yuan hits eight-month low as commodities currencies continue slide

> The yuan slipped to its lowest level in more than eight months as commodity-linked currencies broadly weakened. Those currencies tracked a pullback in commodity prices over the past two weeks. The dollar was also supported ahead of key US growth and inflation data.

- Date: 2024-07-24 · published 2024-07-24T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/7522-chinese-yuan-hits-eight-month-low-as-commodities-currencies-continue-slide
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md), [Australian Dollar (USD per AUD)](https://feedsoft.ai/c/AUDUSD.md)

## Why it matters

A weaker commodity-linked currency tends to coincide with softer commodity prices and a bleak outlook for Chinese demand, which is bearish for feed and industrial commodities. A stronger dollar also tends to pressure dollar-priced agricultural markets.

## Read by commodity

- AUDUSD: bearish ▼
- USDCNY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2022-05-09 | [Chinese Yuan Slips To An 18-Month Low - Asia Financial News](https://feedsoft.ai/events/8317-chinese-yuan-slips-to-an-18-month-low-asia-financial-news.md) | +1.8% | -0.2% |
| USDCNY | 2024-12-03 | [China’s yuan hits lowest level in months as Trump tariff threats roil currencies \| South China Morning Post](https://feedsoft.ai/events/27171-china-s-yuan-hits-lowest-level-in-months-as-trump-tariff-threats-roil.md) | -0.2% | +0.4% |
| USDCNY | 2024-07-27 | [Chinese yuan hits eight-month low with missed inflation data and US dollar rebound \| FX Blue](https://feedsoft.ai/events/9350-chinese-yuan-hits-eight-month-low-with-missed-inflation-data-and-us-dollar.md) | -1.2% | -1.7% |
| USDCNY | 2024-07-10 | [Chinese yuan hits eight-month low with missed inflation data and US dollar rebound - VT Markets](https://feedsoft.ai/events/12298-chinese-yuan-hits-eight-month-low-with-missed-inflation-data-and-us-dollar.md) | -0.1% | -1.6% |
| USDCNY | 2022-04-21 | [China's yuan slides to 6-month low as tightening prospects help dollar \| Financial Post](https://feedsoft.ai/events/7337-china-s-yuan-slides-to-6-month-low-as-tightening-prospects-help-dollar.md) | +2.2% | +5.2% |

## Sources

- nst.com.my: https://www.nst.com.my/business/economy/2024/07/1080912/chinese-yuan-hits-eight-month-low-commodities-currencies-continue

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