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The yuan rose to its highest level in seven months offshore, extending a 1.2% gain on Wednesday despite analyst forecasts for declines. The rally came a week after Moody's downgraded China's sovereign debt rating, which Beijing called groundless.
Surging interbank rates raised the cost of short positions and squeezed bears.
A stronger yuan makes Chinese feed and commodity imports cheaper in local currency, which can support Chinese buying of soybeans, corn and meal. Authorities defending the currency also signal a firmer policy stance that reduces depreciation risk for importers.
livemint.comHelen Sun, Molly Wei, Emma Dai1 jun 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.
Surging interbank rates raised short-selling costs and squeezed bears, producing a seven-month yuan high offshore.
