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Shanghai's lockdown has delayed dollar purchases by Chinese-listed firms, easing pressure on the yuan. The currency had fallen more than 6% against the dollar in four weeks, its steepest drop in decades, as the greenback strengthened and growth concerns mounted.
The delay in dollar buying offers short-term relief for the yuan, but the broader weakness signals slowing Chinese demand for imports. Weak domestic growth tends to weigh on feed demand and on commodity prices.
reuters.comWinni ZhouMay 13, 2022After 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.
