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An interview with economist Cheng Shi describes the yuan and US dollar strengthening simultaneously in 2026, driven by different factors: US real interest rates supported the dollar, while improved foreign-exchange supply and increased corporate currency conversion supported the yuan. China’s bank-client foreign-exchange settlement surplus reached a record $397.6 billion for January–August, while the merchandise trade surplus grew 3.1% year over year and settlements grew 31.9%.
A stronger yuan may affect the competitiveness of Chinese exports and the cost of imports, but the interview does not identify a specific feed-commodity supply or demand change.
zuowenti.comNov 7, 2026After 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.
