
The onshore yuan closed at 6.6689 per US dollar, up 16 pips from the previous close. The official midpoint was set at 6.7174, 17 pips higher than the prior midpoint but about 380 pips weaker than market forecasts.
A firmer yuan can ease the cost of US-dollar-priced imports for China, but a weaker-than-expected midpoint signals Beijing is limiting yuan strength as the dollar index hits a 1.5-year high on expectations of Fed rate hikes. This currency move is a minor, indirect influence on feed commodity prices.
After 169 past neutral macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (50% higher; middle half -0.3% to +0.2%), and -0.0% 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.