The Chinese yuan will slip by year-end to deeper lows last hit against the U.S. ...
BENGALURU - The Chinese yuan will slip by year-end to deeper lows last hit against the U.S. dollar during the 2008 global financial crisis as the authorities nudge the partly managed currency down while the U.S.-China trade war rumbles on, a Reuters poll showed.
To counter losses from the trade war and regain export competitiveness, the People’s Bank of China has consistently set the yuan’s mid-point rate above the key 7 per dollar rate, allowing it to fall about 2% after Washington labeled it a currency manipulator in August.will be about 1% weaker at a more than decade-low of 7.20 against the dollar by end-2019. It closed Monday at 7.15.
“There will be more downward pressure on the yuan and when that happens. It is bad news for all emerging market currencies.” “I think that there might be some signs in the shorter term to say that things will be the same or perhaps the trade tone improves or perhaps there is a minor deal,” said Martin Rasmussen, China economist at Capital Economics.
“Unless an interim trade deal materializes, we think economic and monetary easing pressure will see CNY weaken, even though it will likely be paced by the PBoC,” said Khoon Goh, head of Asia research at ANZ in Singapore, referring to the People’s Bank of China.
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