China’s Yuan Tumbles to Eight-Year Low as Banks Weaken Forecasts

After 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.

• Jan 16, 2017Yuan Top Forecaster Sees No End to Losses as China Economy Slows - Bloomberg-0.6%
• Jun 17, 2021China’s PBOC Braces for Weaker Yuan as Fed Plans Tapering - Bloomberg+1.2%
• Feb 8, 2018China's Yuan Toppled From Two-Year High as Trade Data Surprises - Bloomberg+1.3%
• Oct 25, 2022China’s Yuan CNY USD Drops as PBOC Sets Fix at Weakest Level in 14 Years - Bloomberg+0.6%
• Jun 27, 2016China Weakens Yuan Fixing by Most Since August as Dollar Surges - Bloomberg+0.6%

After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.

• Jun 17, 2021China’s PBOC Braces for Weaker Yuan as Fed Plans Tapering - Bloomberg+1.1%
• Jun 27, 2016China Weakens Yuan Fixing by Most Since August as Dollar Surges - Bloomberg-0.4%
• Nov 14, 2016Chinese yuan tumbles to a seven-year low as dollar surges | South China Morning Post+1.4%
• Aug 31, 2022Yen JPY USD Falls to 24-Year Low as US-Japan Policy Gap Weighs - Bloomberg+0.9%
• Sep 29, 2022CNY/USD: Why China’s Yuan Hit Record Lows Against the Dollar - Bloomberg-1.0%