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The yuan extended its losing streak against the dollar, closing at 6.5950 per dollar, its fifth straight session of declines and lowest close since December 2017. Investors cited concerns over a looming Sino-U.S. trade war and expectations of further monetary easing by the People's Bank of China.
The currency had already weakened about 3% since June 14 after disappointing growth data.
A weaker yuan makes Chinese purchases of US farm goods and feed ingredients more expensive in dollar terms, which can dampen import demand and pressure US soybean and meal prices. Continued currency weakness also signals stress in China's growth outlook, which weighs on feed demand.
caixinglobal.comFran Wang, Leng Cheng27 juin 2018Après 398 événements macro haussier passés, Yuan chinois (CNY par USD) a varié en médiane de +0,0 % sur 5 séances (56 % de hausses ; moitié centrale de -0,3 % à +0,5 %), et de +0,0 % sur 20.
Variations du benchmark de chaque matière depuis la dernière clôture avant l'événement. Les lectures historiques regroupent les événements passés de même nature ; elles décrivent ce qui s'est passé, pas ce qui arrivera. Ceci n'est pas un conseil en investissement.
Reports a fifth straight session of yuan declines to a six-month low on trade-war fears and expected PBOC easing, which directly explains the USD/CNY rise within the window.
