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China's yuan broke through 7 per dollar for the first time since 2008, and PBOC Governor Yi Gang said China would not engage in competitive devaluation. The move followed Trump's announcement of 10% tariffs on another $300 billion of Chinese goods.
The central bank's denial suggests the weakness may be limited, though a weaker yuan still makes Chinese exports cheaper and adds pressure on trade flows. The effect on agricultural prices depends on whether tariffs and retaliation expand.
cnbc.comYun Li5 de ago. de 2019Após 398 eventos altista de macro passados, Yuan chinês (CNY por USD) subiu em mediana +0,0% em 5 sessões (56% de alta; metade central de -0,3% a +0,5%), e +0,0% em 20.
Variações do benchmark de cada commodity desde o último fechamento antes do evento. As leituras históricas agregam eventos passados do mesmo tipo; descrevem o que aconteceu, não o que vai acontecer. Não é recomendação de investimento.
The yuan broke 7 per dollar for the first time since 2008 following the tariff announcement, and the PBOC's comments on the move confirm the policy-driven currency shift.
The break of 7 for the first time since 2008 followed the 10% tariff announcement; the PBOC's denial of competitive devaluation shows the policy-driven nature of the depreciation.
