
The People's Bank of China set the yuan reference rate higher for a ninth straight session, the longest run of strengthening since early 2011. The gains are the strongest central-bank support for the currency since the Arab Spring period.
Sustained central-bank support for the yuan signals policy tolerance for a stronger currency, which can lower the yuan cost of dollar-priced feed imports. The effect on feed prices is indirect and currency-driven.
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.
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 PBOC's ninth straight stronger fixing signaled official tolerance for yuan appreciation and guided the market lower in CNY per USD.