# Chinese Yuan: PBoC Moves to slow yuan gains - Societe Generale

> 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.

- Date: 2026-11-03 · published 2026-11-03T21:10:18.691Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/78413-chinese-yuan-pboc-moves-to-slow-yuan-gains-societe-generale
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

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.

## Read by commodity

- USDCNY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2022-05-09 | [Chinese Yuan Slips To An 18-Month Low - Asia Financial News](https://feedsoft.ai/events/8317-chinese-yuan-slips-to-an-18-month-low-asia-financial-news.md) | +1.8% | -0.2% |
| USDCNY | 2022-05-11 | [How PBOC might respond to China's weakening yuan](https://feedsoft.ai/events/10987-how-pboc-might-respond-to-china-s-weakening-yuan.md) | +0.0% | -0.8% |
| USDCNY | 2016-11-14 | [Chinese yuan tumbles to a seven-year low as dollar surges \| South China Morning Post](https://feedsoft.ai/events/7742-chinese-yuan-tumbles-to-a-seven-year-low-as-dollar-surges-south-china-morning.md) | +1.3% | +1.6% |
| USDCNY | 2020-04-16 | [Chinese Yuan Weakens As PBoC Pumps More Liquidity Into Economy](https://feedsoft.ai/events/53877-chinese-yuan-weakens-as-pboc-pumps-more-liquidity-into-economy.md) | +0.2% | +0.3% |
| USDCNY | 2023-02-27 | [Chinese yuan approaches 7 level as PBOC slashes midpoint rate By Investing.com](https://feedsoft.ai/events/37549-chinese-yuan-approaches-7-level-as-pboc-slashes-midpoint-rate-by-investing-com.md) | -0.7% | -1.3% |

## Sources

- fxstreet.com: https://www.fxstreet.com/news/chinese-yuan-pboc-moves-to-slow-yuan-gains-societe-generale-202611032006

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.