
The yuan rose to its highest level in seven months offshore, extending a 1.2% gain on Wednesday despite analyst forecasts for declines. The rally came a week after Moody's downgraded China's sovereign debt rating, which Beijing called groundless.
Surging interbank rates raised the cost of short positions and squeezed bears.
A stronger yuan makes Chinese feed and commodity imports cheaper in local currency, which can support Chinese buying of soybeans, corn and meal. Authorities defending the currency also signal a firmer policy stance that reduces depreciation risk for importers.
在过去 362 次看跌的宏观事件之后,人民币(每 USD 的 CNY) 在 5 个交易日内中位数变动 -0.1%(42% 上涨;中间一半区间为 -0.4% 至 +0.1%),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。
Surging interbank rates raised short-selling costs and squeezed bears, producing a seven-month yuan high offshore.