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The offshore yuan jumped as much as 0.8% to 6.7677 per dollar, its strongest since November 4, after funding costs surged. The move followed a surprise Moody's sovereign rating downgrade a week earlier.
Traders attributed the rally to a short squeeze and suspected central bank support.
A sharp yuan rally after a rating cut signals currency-market volatility that can shift Chinese import costs, though its direct effect on feed commodity prices is limited.
bloomberg.comBloomberg News31 mei 2017Na 362 eerdere neerwaarts macro-gebeurtenissen bewoog Chinese yuan (CNY per USD) zich mediaan -0,1% over 5 sessies (42% hoger; middelste helft -0,4% tot +0,1%), en -0,2% 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.
Offshore yuan jumped as much as 0.8% on 2017-05-31 from a short squeeze and suspected PBOC support, directly matching the sharp one-day drop in CNY per USD (yuan strengthening).
The offshore yuan surged as funding costs spiked and shorts were squeezed, directly driving a sharp drop in CNY per USD.
