Loading…
The yuan closed at 6.7863 per dollar after touching a 19-month low of 6.8110, moving toward the key 7 level. Producers face higher costs for overseas materials and fewer orders from Europe and the US, as capital outflows persist amid slowing growth and COVID controls.
Higher import costs for raw materials paired with weaker export orders pressure Chinese manufacturers' purchasing power for feed ingredients. A continued yuan slide keeps USD/CNY elevated, which tends to weigh on China's import demand.
scmp.comFrank TangMay 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.
