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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 giu 2018Dopo 398 eventi macro rialzista passati, Yuan cinese (CNY per USD) si è mosso in mediana di +0,0% in 5 sedute (56% in rialzo; metà centrale da -0,3% a +0,5%), e di +0,0% in 20.
Variazioni del benchmark di ciascuna materia prima rispetto all'ultima chiusura prima dell'evento. Le letture storiche raggruppano eventi passati dello stesso tipo; descrivono ciò che è accaduto, non ciò che accadrà. Non è consulenza di investimento.
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.
