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Goldman Sachs says Chinese policymakers prefer gradual renminbi appreciation of about 3% to 5% per year. The People's Bank of China raised the foreign-currency reserve requirement ratio from 2% to 4% on 3 November, which slowed the pace of yuan gains.
Goldman also sees U.S. data-center restrictions as a short-term export risk rather than a change to its constructive view.
A slower yuan appreciation makes Chinese imports of commodities such as soybeans and meal somewhat less expensive in dollar terms, but the effect is modest. Export resilience would support continued Chinese demand for feed-related goods.
unhidea.comNov 13, 2026After 991 past macro events, Chinese Yuan (CNY per USD) moved a median -0.0% over 5 sessions (49% higher; middle half -0.3% 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.
