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On May 26, the PBOC announced it would add a counter-cyclical adjustment factor to its model for the daily USDCNY midpoint fixing. The aim is to reduce excess yuan volatility and curb one-way bets.
Analysts note this risks reverting toward the pre-August 2015 exchange rate regime.
A less market-determined yuan fix changes the currency backdrop for China-linked feed demand and import costs, though the direct link to feed commodity prices is indirect.
bbvaresearch.comSumedh Deorukhkar, Le Xia2017年5月30日在过去 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。
The PBOC's counter-cyclical factor added to the USDCNY fixing model lets authorities lean against dollar strength, which supports yuan appreciation (CNY per USD down).
