China's central bank will raise FX risk reserves for forward dollar purchases to 20% from zero starting September 28, making it costlier to bet against the yuan. Spot yuan barely moved on the announcement, trading near 7.15 per dollar.
The measure raises the cost of yuan shorting and may slow depreciation, which modestly supports Chinese import buying power for dollar-priced feed commodities.
過去の弱気な政策イベント50件の後、中国人民元(1 USDあたりCNY) は5営業日で中央値 -0.1% 動き(46% が上昇。中央50%は -0.4% から +0.4%)、20営業日では -0.0% 動きました。
イベント直前の終値からの各商品ベンチマークの動き。過去の傾向は同種の過去イベントをまとめたものであり、起きたことを示すもので、今後を示すものではありません。投資助言ではありません。
The FX risk reserve ratio hike effective Sept 28 raised the cost of shorting the yuan via forwards, curbing depreciation bets with a lagged effect.
The FX risk reserve hike to 20% was meant to curb yuan shorts, but spot barely reacted, so it only limited the move at the margin.