# Yuan surges to 7-month high against US dollar - Gulf Times

> The yuan surged to a near seven-month high against the dollar, strengthening through 6.8 per dollar for the first time since November. The People's Bank of China pushed the reference rate up 0.8%, its second largest one-day appreciation since 2005. Traders attributed the move to a show of strength after the Moody's downgrade or a planned fixing mechanism change.

- Date: 2017-05-31 · published 2017-05-31T12:00:00.000Z
- Category: policy · region China · magnitude medium
- Page: https://feedsoft.ai/events/8837-yuan-surges-to-7-month-high-against-us-dollar-gulf-times
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

A firmer yuan signals that Beijing will resist depreciation, which supports Chinese import purchasing power for feed commodities. The central bank's intervention also reduces near-term currency risk for dollar-denominated feed trade.

## Read by commodity

- USDCNY: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| USDCNY | 2017-06-01 | 5 | -1.2% | -3.7 | The PBOC set a reference rate 0.8% stronger, its second largest one-day appreciation since 2005, directly moving the yuan through 6.8 per dollar. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2017-08-30 | [China Sets Yuan Midpoint Against Dollar at One-Year High   - Caixin Global](https://feedsoft.ai/events/10857-china-sets-yuan-midpoint-against-dollar-at-one-year-high-caixin-global.md) | -1.1% | +0.7% |
| USDCNY | 2026-02-27 | [China encourages dollar buying to slow surging yuan \| Reuters](https://feedsoft.ai/events/7895-china-encourages-dollar-buying-to-slow-surging-yuan-reuters.md) | +0.7% | +1.0% |
| USDCNY | 2017-08-30 | [Renminbi rises strongly against US dollar - Chinadaily.com.cn](https://feedsoft.ai/events/10861-renminbi-rises-strongly-against-us-dollar-chinadaily-com-cn.md) | -1.1% | +0.7% |
| USDCNY | 2022-04-27 | [China economy: Central bank tries to slow weakening yuan vs US dollar](https://feedsoft.ai/events/4947-china-economy-central-bank-tries-to-slow-weakening-yuan-vs-us-dollar.md) | +0.8% | +1.5% |
| USDCNY | 2019-05-17 | [China's central bank won't let yuan weaken past 7 to the dollar-sources](https://feedsoft.ai/events/59283-china-s-central-bank-won-t-let-yuan-weaken-past-7-to-the-dollar-sources.md) | +0.4% | +0.6% |

## Sources

- businesstimes.com.sg: https://www.businesstimes.com.sg/companies-markets/banking-finance/beijings-hand-seen-yuan-hits-nearly-7-month-high
- gulf-times.com: https://www.gulf-times.com/story/551809/yuan-surges-to-7-month-high-against-us-dollar

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