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China: Yuan depreciation coming – SocGen

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 1, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Delhi) – Societe Generale EM strategists expect a gradual and controlled move higher in the USD-CNY to 6.80 by end-2016.

    Key Quotes

    “A larger move is possible if regional currencies depreciate more than the RMB and the associated trade-weighted appreciation proves too much for policymakers to bear relative to growth/employment objectives. But, beware PBoC intervention, if long USD-CNH positioning becomes stretched: see Asia Strategizer.”

    “Following an IMF staff report recommending inclusion of the RMB in SDR, the inclusion is expected to be confirmed today.”
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