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China has stabilised the yuan through coordinated state bank buying and informal guidance to bankers, rather than the large reserve-burning intervention used in 2015. Interviews with 28 market participants described at least two dozen steered trading actions this year to resist downward pressure.
The approach has prevented a disorderly slide but has also reduced trading volumes in parts of the FX market.
Managed currency stability keeps Chinese import demand for feed ingredients steadier than a disorderly devaluation would. The policy has little direct effect on commodity prices.
在过去 42 次中性的政策事件之后,人民币(每 USD 的 CNY) 在 5 个交易日内中位数变动 -0.0%(50% 上涨;中间一半区间为 -0.3% 至 +0.4%),20 个交易日内为 -0.2%。
各商品基准价相对事件前最后收盘价的变动。历史数据汇总同类过往事件;仅描述已发生的情况,不代表未来走势。不构成投资建议。