Loading…
PBOC policy committee member Wang Yiming called for stronger growth-support measures to push second-quarter GDP growth above 5%. USD/CNY rose to a yearly high of 6.5414 as the yuan posted its worst week since 2015 on growth concerns, Covid lockdowns and the widening US-China yield gap.
Weaker Chinese growth reduces expected demand for feed grains and meal, while a weaker yuan raises import costs. Any stimulus that follows could partly offset this demand weakness.
teletrade.orgApr 25, 2022After 398 past bullish macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (56% higher; middle half -0.3% to +0.5%), and +0.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
On 25 April USD/CNY rose to a yearly high of 6.5414 on growth concerns, lockdowns and the widening US-China yield gap, directly reflecting the move.
