PBOC raises FX reserve requirement ratio; onshore and offshore yuan depreciate over 0.2%

After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.

• Jun 1, 2023The release and refill of the Strategic Petroleum Reserve+6.5%
• Nov 24, 2021Oil prices drop as coordinated reserve release eases some supply fears-16.5%
• Apr 6, 2022Oil slumps to three-week low after Fed minutes, big IEA reserve release announcement | Reuters-1.4%
• Mar 31, 2022Opec+ sticks to output rise plans for May as US announces release of record oil reserves | The National-10.6%
• Jun 23, 2018OPEC deal to raise oil production will 'rein in prices' - Algerian PM+7.6%

After 31 past bullish policy events, Chinese Yuan (CNY per USD) moved a median -0.2% over 5 sessions (42% higher; middle half -0.4% to +0.3%), and -0.1% over 20.

• Jul 3, 2020PBOC Softens Yuan-Dollar Central Parity Rate by 72 Bips to 7.0638-0.9%
• Jan 23, 2025China’s yuan slips on worries over Trump tariff plans, pre-holiday dollar demand - Markets - Business Recorder-0.4%
• Jan 6, 2021China moves to curb yuan rally pressure due to hot money and export concerns | South China Morning Post+0.1%
• Feb 27, 2026USD/CNY & USD/CNH jump as PBoC cuts FX RRR to zero, cooling yuan gains+0.7%
• Oct 28, 2020Yuan’s Rally Faces Test After Banks Tweak Daily Reference Rate - Caixin Global-0.4%

Not enough comparable past events yet for a historical read.