
China's yuan firmed against the US dollar on Tuesday after the central bank set its midpoint fixing at the strongest level in more than two years. The dollar pared some losses after US senators agreed to lift a three-day government shutdown but stayed near a three-year low against a basket of currencies.
The PBOC had recalibrated its daily fixing formula to neutralize a counter-cyclical factor.
A stronger yuan lowers the local-currency cost of dollar-priced imports such as soybeans, which can support Chinese buying. A weaker dollar also tends to firm dollar-denominated commodity prices.
Setelah 362 peristiwa makro bearish sebelumnya, Yuan Tiongkok (CNY per USD) bergerak median -0,1% selama 5 sesi (42% lebih tinggi; separuh tengah -0,4% sampai +0,1%), dan -0,2% selama 20 sesi.
Setelah 1.637 peristiwa makro bearish sebelumnya, Dolar AS (Luas) bergerak median -0,2% selama 5 sesi (39% lebih tinggi; separuh tengah -0,6% sampai +0,3%), dan -0,2% selama 20 sesi.
Pergerakan benchmark setiap komoditas dari penutupan terakhir sebelum peristiwa. Pembacaan historis menggabungkan peristiwa serupa di masa lalu; itu menggambarkan apa yang terjadi, bukan apa yang akan terjadi. Bukan nasihat investasi.
The strongest fixing in over two years and the PBOC's removal of the counter-cyclical factor began the run of yuan strength that carried into the 25 Jan move, though it predates the day itself.