◂ Event Timeline

Nov 15, 2022MACROChina

China keeps key lending rate unchanged as policymakers balance yuan, economic risks

China's central bank kept the rate on 850 billion yuan of one-year MLF loans at 2.75% for a third straight month and partially rolled over maturing loans. The decision followed weak data and ongoing COVID outbreaks.

WHY IT MATTERS

Holding rates steady signals policymakers are prioritizing yuan stability over economic stimulus, which limits near-term demand support for China's feed and livestock sectors.

AFFECTSChinese Yuan (CNY per USD)◆

SOURCE
financialpost.comReutersNov 15, 2022

Price reaction & history

Chinese Yuan (CNY per USD)◆neutralSO FAR1d -0.4%5d +1.3%20d -1.8%

After 169 past neutral macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (50% higher; middle half -0.3% to +0.2%), and -0.0% over 20.

Feb 24, 2026China leaves benchmark lending rates unchanged as Beijing signals tolerance for stronger yuan-0.3%
Oct 30, 2020As China's yuan becomes a Biden election play, PBOC pushes back | Financial Post-1.7%
Feb 16, 2023China's yuan rises but strong U.S. retail sales data caps upside - Financial Post+0.8%
Jun 14, 2022China's yuan recovers from 1-month low, Fed, PBOC in focus | Financial Post-1.0%
Jan 22, 2024China’s yuan holds steady on unchanged lending rates; offshore yuan liquidity tight - Markets - Business Recorder-0.2%

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.

Chinese Yuan (CNY per USD) USDCNY · GP ▸

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