On Tuesday September 12, the People’s Bank of China (PBoC) settled the yuan/USD middle rate to 6.5277, down 0.43% or 280 points from 6.4997 on Monday, the largest decrease since January 9, 2017.
The decision ended eleven consecutive days of yuan appreciation since late August, during which the yuan hit a high of 6.4436 during the period.
Due to the yuan’s recent strong performance, base metal price movements on the Shanghai Futures Exchange lost their usual pace but were still much calmer than on the London Metal Exchange.
Three-month copper prices on the LME gained over 2.5% from August 29 to September 7, before tumbling by 3% on September 8.
In contrast, the most-traded SHFE copper contract witnessed a tiny increase of 0.03% between August 28...