
Yu Yongding, a former PBOC monetary policy committee member, wrote that the central bank's new yuan fixing mechanism encourages capital flight and has led to gradual depreciation. He argued the fixing prevents true two-way volatility and has drained foreign exchange reserves.
The new mechanism sets the midpoint based on the prior day's close and a currency basket.
Continued gradual yuan depreciation would keep the dollar-denominated cost of Chinese feed imports elevated. This commentary signals that policy may stay on the same path, which keeps the currency pressure on import demand in place.
在过去 398 次看涨的宏观事件之后,人民币(每 USD 的 CNY) 在 5 个交易日内中位数变动 +0.0%(56% 上涨;中间一半区间为 -0.3% 至 +0.5%),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。