
China's central bank said it will cut the foreign exchange reserve requirement ratio for banks by 100 basis points to 8%, effective May 15. The move aims to slow the yuan's depreciation, which had reached a one-year low of 6.5775 per dollar amid COVID lockdowns and a narrowing yield advantage.
A weaker yuan raises the dollar cost of China's imports of feed grains and meal, which can cut demand. The easing is meant to support the yuan, which would reduce that pressure, though the effect on feed prices is indirect.
在过去 50 次看跌的政策事件之后,人民币(每 USD 的 CNY) 在 5 个交易日内中位数变动 -0.1%(46% 上涨;中间一半区间为 -0.4% 至 +0.4%),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。
The PBOC FX reserve ratio cut shows depreciation pressure was strong and the yuan was at one-year lows, but it came earlier and was intended to slow the decline.