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The wealth of China's 100 richest people on the Forbes list fell 39%, with 79 individuals losing value. Declines were attributed to a tech crackdown, zero-COVID policies, slower growth, and a more than 12% fall in the yuan against the dollar over the past year.
The sharp drop in private wealth reflects weak Chinese domestic confidence and a weaker yuan, which together dampen the outlook for consumer-driven demand for animal protein.
forbes.comForbes Press ReleasesNov 10, 2022After 991 past macro events, Chinese Yuan (CNY per USD) moved a median -0.0% over 5 sessions (49% higher; middle half -0.3% to +0.3%), and -0.1% 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.
