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China's yuan rose to a seven-week high against the dollar after the government eased some COVID-19 controls, including shorter quarantines for close contacts and removal of airline penalties for infected arrivals. The move was reinforced by a softer-than-expected US inflation reading that weakened the dollar.
A firmer yuan and easing COVID restrictions improve Chinese import purchasing power and economic outlook, which modestly supports demand for grains and meals.
brecorder.comReutersNov 11, 2022After 362 past bearish macro events, Chinese Yuan (CNY per USD) moved a median -0.1% over 5 sessions (42% higher; middle half -0.4% to +0.1%), and -0.2% 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.
Easing of COVID curbs plus softer US CPI weakened the dollar and sent the yuan to a 7-week high, directly driving the CNY per USD drop.
China's easing of some COVID curbs and a softer US CPI weakened the dollar and sent the yuan to a seven-week high, driving the sharp CNY per USD decline into Nov 14.
