# Chinese Yuan: PBoC slows Yuan gains – MUFG

> MUFG reports that the PBoC raised the FX reserve requirement ratio to 6% from 4%, effective 15 November, locking up about USD24 billion in FX liquidity. MUFG keeps its USD/CNY forecasts at 6.65 by end-2026 and 6.50 by Q3 2027.

- Date: 2026-11-04 · published 2026-11-05T00:08:55.215Z
- Category: macro · region China · magnitude medium
- Page: https://feedsoft.ai/events/80666-chinese-yuan-pboc-slows-yuan-gains-mufg
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

The policy tightens onshore dollar liquidity and slows yuan appreciation, which tempers the currency tailwind for Chinese import demand for US and Brazilian feed commodities. The impact on grain prices is modest but tilts toward a weaker yuan.

## Read by commodity

- USDCNY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2020-07-30 | [Chinese Yuan Slips As PBoC Injects Liquidity Into Banking System](https://feedsoft.ai/events/52326-chinese-yuan-slips-as-pboc-injects-liquidity-into-banking-system.md) | -0.9% | -1.7% |
| USDCNY | 2018-06-28 | [Chinese yuan hits fresh low against USD Wednesday](https://feedsoft.ai/events/64734-chinese-yuan-hits-fresh-low-against-usd-wednesday.md) | +0.5% | +2.8% |
| USDCNY | 2026-06-29 | [Chinese Yuan: China slowdown weighs on CNY against US Dollar – Commerzbank](https://feedsoft.ai/events/19039-chinese-yuan-china-slowdown-weighs-on-cny-against-us-dollar-commerzbank.md) | -0.0% | -0.5% |
| 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% |

## Sources

- fxstreet.com: https://www.fxstreet.com/news/chinese-yuan-pboc-slows-yuan-gains-mufg-202611042112

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