# Chinese Yuan: Authorities seen moderating appreciation pace – OCBC

> OCBC strategists expect USD/CNH to consolidate as Chinese policymakers temper rapid yuan gains. The PBoC recently raised the FX deposit reserve requirement ratio by 2 percentage points to 6%, which curbed near-term appreciation momentum.

- Date: 2026-11-05 · published 2026-11-05T21:08:14.325Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/82408-chinese-yuan-authorities-seen-moderating-appreciation-pace-ocbc
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

A slower yuan appreciation pace marginally reduces China's purchasing power for imported feed ingredients priced in dollars, a mild headwind for demand; the effect on grain and meal prices is limited.

## Read by commodity

- USDCNY: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2023-02-28 | [USD/CNY: Yuan could see a modest appreciation in the coming quarters – Commerzbank — Octa](https://feedsoft.ai/events/37553-usd-cny-yuan-could-see-a-modest-appreciation-in-the-coming-quarters-commerzbank.md) | -0.2% | -0.9% |
| USDCNY | 2018-10-30 | [Major Chinese banks seen swapping yuan for dollars in forwards: traders \| Reuters](https://feedsoft.ai/events/62767-major-chinese-banks-seen-swapping-yuan-for-dollars-in-forwards-traders-reuters.md) | -0.5% | -0.1% |
| USDCNY | 2023-02-01 | [China’s yuan steadies ahead of Fed decision - Markets - Business Recorder](https://feedsoft.ai/events/37554-china-s-yuan-steadies-ahead-of-fed-decision-markets-business-recorder.md) | +0.5% | +1.7% |
| USDCNY | 2019-06-20 | [Chinese Yuan: Beware of Boundaries](https://feedsoft.ai/events/9809-chinese-yuan-beware-of-boundaries.md) | -0.3% | -0.3% |
| USDCNY | 2016-06-21 | [Chinese Yuan Appears 'Unbreakable'](https://feedsoft.ai/events/10884-chinese-yuan-appears-unbreakable.md) | +1.1% | +1.8% |

## Sources

- fxstreet.com: https://www.fxstreet.com/news/chinese-yuan-authorities-seen-moderating-appreciation-pace-ocbc-202611051854

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