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The onshore yuan closed at 7.2169 per dollar on May 6, its strongest close since November 2024, as carry trades unwound and investors moved money out of U.S. assets back into Asia. State-owned banks were reported buying dollars and selling yuan to slow the gains.
A stronger yuan lowers China's cost of dollar-priced imports such as soybeans, which can support Chinese buying. It also signals a weaker dollar, which tends to support dollar-denominated commodity prices.
reuters.comMay 6, 2025After 362 past bearish macro events, Chinese Yuan (CNY per USD) moved a median -0.1% over 5 sessions (42% higher; middle half -0.4% to +0.1%), and -0.2% over 20.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% 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.
Directly describes the May 6 onshore yuan close at a six-month high of 7.2169 as carry trades unwound and money left U.S. assets, which is the move itself (USD/CNY down).
