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Societe Generale reports Chinese authorities intervened after the CSI 300 fell 8.3% in October, its worst monthly drop in over a decade. The PBoC injected about RMB100bn via a one-year swap and will raise the FX reserve requirement ratio from 4% to 6% from 15 November to curb one-way yuan appreciation.
A higher FX reserve requirement tightens dollar liquidity onshore, which can slow yuan gains and make dollar-priced Chinese import demand for feed ingredients somewhat more expensive in the near term. The equity-support liquidity injection is a macro signal rather than a direct grain driver.
fxstreet.comFXStreet Insights TeamNov 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.
