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The People's Bank of China announced it will raise the foreign-currency deposit reserve requirement ratio by 2 percentage points, from 4% to 6%, effective November 15, 2026, the first such increase since December 2021. Offshore yuan fell more than 280 pips intraday to 6.675 per dollar, and onshore yuan dropped below 6.67, more than 250 pips lower.
The tighter reserve requirement drains dollar liquidity from Chinese banks and may weaken exporters' incentive to convert dollars, slowing yuan appreciation. For feed buyers, a firmer dollar against the yuan makes US commodity imports relatively more expensive for China, though the move is a currency-management step rather than a change in trade flows.
finance.sina.com.cnNov 3, 2026After 398 past bullish macro events, USDCNY 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.
