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USD/CNH reached a 2020 high near 7.01 in Asian trade as Chinese markets resumed after the Lunar New Year. Weaker-than-expected Caixin manufacturing PMI, industrial profit declines of 6.3%, and reverse repo cuts added pressure amid coronavirus fears.
Weak Chinese manufacturing data and a weaker yuan signal softer Chinese demand and higher dollar costs for imported feed inputs. The data point to slower economic activity ahead.
forexcrunch.comFX Street3 feb 2020Na 398 eerdere opwaarts macro-gebeurtenissen bewoog Chinese yuan (CNY per USD) zich mediaan +0,0% over 5 sessies (56% hoger; middelste helft -0,3% tot +0,5%), en +0,0% over 20.
Bewegingen van de benchmark van elke grondstof sinds de laatste slotkoers vóór de gebeurtenis. Historische waarden bundelen eerdere gebeurtenissen van hetzelfde soort; ze beschrijven wat er gebeurde, niet wat zal gebeuren. Geen beleggingsadvies.
Yuan reopening after Lunar New Year with weak PMI and profit data amid coronavirus fears drove USD/CNH to 2020 highs, directly explaining the 1.51% CNY depreciation.
USD/CNH hit a 2020 high as China reopened with weak PMI and profit data, rate cuts and coronavirus fears, which directly drove the yuan's sharp weakening on Feb 3.
