I distinguish renminbi movements against the dollar from renminbi-relative repricing around U.S. tariff announcements. Across 26 policy groups, offshore renminbi (CNH) minus a fixed four-currency basket averages 35.077 aligned log basis points. Official reference rates corroborate the relative pattern; pre-event factor adjustment leaves a positive pooled own-CNH residual. Earlier disclosures change the later-period own-CNH sign, while early-to-late attenuation persists. Own-currency event-minus-lead contrasts remain imprecise, and macro-news and dependence screens weaken precision. The evidence supports an RMB-relative association, not a uniformly timed causal depreciation response or verified executable offshore prices.

We examine price discovery after irregularly scheduled macroeconomic announce-ments. Exploiting time variation in Chinese macro announcements released outside regular trading hours, this paper isolates the role of elapsed non-trading time in facilitating investor learning and price discovery upon market reopening. We show that longer non-trading intervals generate more efficient post-announcement price discovery, reduce information asymmetry, and diminish subsequent intraday return reversals. The mechanism operates through enhanced retail investor learning: during non-trading hours, retail investors actively acquire information, subsequently trade more aggressively, earn higher profits, and face reduced informational disadvantages at market opening. Our findings highlight that retail investor learning during non-trading hours levels the informational playing field among heterogeneous investors and improves price quality around irregularly timed macroeconomic announcements. These results have broader implications for emerging markets, which similarly feature irregular announcement timing and large populations of uninformed retail investors.