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USD/CNY: The tide has turned for the Chinese language foreign money – Danske Financial institution

In accordance with analysts from Danske Financial institution, the numerous depreciation strain on the CNY is popping right into a average strengthening development.

Key Quotes: 

“USD/CNY moved sharply decrease this week to six.74, after flirting with the 7-level solely two months in the past. We see two foremost drivers behind the stronger CNY: (1) rising optimism a few commerce take care of the US and (2) an total weakening of the USD on the again of extra dovish speeches by Federal Reserve members that counsel will probably be on maintain for a
whereas.”

“We consider the tide has turned for the CNY and the numerous depreciation strain is popping right into a average strengthening development. A halt to the weakening of the CNY can also be more likely to be a part of a commerce take care of the US. If we’re proper that they strike a commerce deal and the Chinese language economic system recovers step by step from Q2, then the CNY ought to see extra tailwind forward.”
 


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