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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 Jun 2018Setelah 398 peristiwa makro bullish sebelumnya, Yuan Tiongkok (CNY per USD) bergerak median +0,0% selama 5 sesi (56% lebih tinggi; separuh tengah -0,3% sampai +0,5%), dan +0,0% 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.
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.
