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China's yuan has had its worst month on record amid investor money leaving the country. Concerns over rising COVID lockdowns in major cities, along with fallout from Russia's invasion of Ukraine, are driving the outflows.
A weaker yuan raises the cost of imported feed inputs priced in dollars for Chinese buyers, while cutting demand for overseas products priced in dollars. A falling yuan therefore tends to lift USD/CNY and weigh on China's feed import demand.
cnn.comLaura HeMay 13, 2022After 398 past bullish macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (56% higher; middle half -0.3% to +0.5%), 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.
