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The yuan touched a more than 19-month low against the dollar and breached a key threshold, heading for a sixth straight weekly loss. It has fallen more than 6% in four weeks, and the PBOC set its fix at a fresh weak level of 6.7898.
A sharp yuan depreciation makes dollar-priced imports more expensive for China while easing export pressure, which can weigh on Chinese buying of feed grains and meal. Authorities appear willing to tolerate the weakness as a growth support.
brecorder.comReutersMay 13, 2022After 398 past bullish macro events, USDCNY 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.
