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The PBOC's currency trading arm added a countercyclical component to the daily yuan fixing calculation to smooth investor sentiment and the herd effect. Analysts said it gives the central bank more room to limit yuan fluctuations and runs against the earlier goal of a more market-oriented exchange rate.
Greater yuan stability reduces currency-driven swings in Chinese import demand for feed ingredients, a modest factor for soybean and meal pricing.
caixinglobal.comPeng Qinqin, Wang Yuqian27 de mai. de 2017Após 42 eventos neutro de política passados, Yuan chinês (CNY por USD) subiu em mediana -0,0% em 5 sessões (50% de alta; metade central de -0,3% a +0,4%), e -0,2% 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 announced countercyclical fixing component gives the PBOC room to resist dollar strength, which supported the yuan and contributed to the drop in USDCNY.
The countercyclical component gives the PBOC more room to limit depreciation and steer the currency, which contributed to the yuan's rise.
