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A Michael Pettis analysis argues that Beijing may use renminbi depreciation as one of its few responses to US trade threats. The RMB has fallen about 4% against the dollar in two weeks.
The report concludes that sustained depreciation would damage China's economy more than the US, so a prolonged slide is unlikely.
The view that China will limit yuan weakness suggests the currency may not keep eroding Chinese import purchasing power for US feed ingredients. This makes a sharp, lasting drop in the yuan less likely to drive further price pressure.
在过去 169 次中性的宏观事件之后,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 +0.2%),20 个交易日内为 -0.0%。
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。