# Goldman Sachs: China signals a slower pace of renminbi appreciation, as resilient exports and year-end growth stabilization proceed in parallel

> 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.

- Date: 2026-11-13 · published 2026-11-14T09:09:48.193Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/99265-goldman-sachs-china-signals-a-slower-pace-of-renminbi-appreciation-as-resilient
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

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.

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2024-05-01 | [Yuan falls out of favour with China’s exporters as fears of depreciation mount](https://feedsoft.ai/events/30957-yuan-falls-out-of-favour-with-china-s-exporters-as-fears-of-depreciation-mount.md) | -0.3% | +0.1% |
| USDCNY | 2025-08-06 | [It’s time for China to allow large renminbi appreciation - OMFIF](https://feedsoft.ai/events/10145-it-s-time-for-china-to-allow-large-renminbi-appreciation-omfif.md) | -0.1% | -0.6% |
| USDCNY | 2022-03-02 | [China’s recent hands-off approach to renminbi fluctuation could change - Euromoney](https://feedsoft.ai/events/42488-china-s-recent-hands-off-approach-to-renminbi-fluctuation-could-change-euromoney.md) | +0.1% | +0.8% |
| USDCNY | 2018-07-30 | [Renminbi/Chinese Yuan Depreciates as a Result of Economic Weakness and Loosening Policies - ActionForex](https://feedsoft.ai/events/64272-renminbi-chinese-yuan-depreciates-as-a-result-of-economic-weakness-and.md) | +0.3% | -0.1% |
| USDCNY | 2023-09-11 | [China issues strong warning against bets on renminbi depreciation](https://feedsoft.ai/events/34332-china-issues-strong-warning-against-bets-on-renminbi-depreciation.md) | -0.9% | -0.6% |

## Sources

- unhidea.com: https://unhidea.com/en/articles/research-44d1071d8e9c44dc81a018d7389272b9-en

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.