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The People's Bank of China lowered the foreign exchange risk reserve ratio for financial institutions on FX forwards from 20% to zero, effective Monday. Banks no longer need to set aside cash when buying foreign currency for clients through forwards.
The change followed a sharp yuan rally that had pushed the currency toward 7 per dollar.
Cheaper forward shorting of the yuan tends to weaken the currency and lift USD/CNY, which raises the dollar cost of Chinese purchases of US feed grains and meal. Its effect on commodity prices is indirect.
bloomberg.comBloomberg News10 okt 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.
