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Xinhua reported that the yuan central parity rate weakened 72 pips to 7.0638 against the dollar on July 3. The rate is set from a weighted average of market-maker quotes, and spot trading is allowed to move 2 percent either side.
The fixing move raises the yuan cost of dollar-priced feed imports, a mildly bullish signal for dollar-denominated feed commodity prices. The impact is small.
en.xfafinance.comJul 3, 2020After 31 past bullish policy events, Chinese Yuan (CNY per USD) moved a median -0.2% over 5 sessions (42% higher; middle half -0.4% 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.
