China's yuan is forecast to drift up over the coming year as the monetary a...
BENGALURU - China’s yuan is forecast to drift up over the coming year as the monetary authorities keep a tight leash on the partly-managed currency and prevent it from falling through the psychological 7 per dollar level any time soon, a Reuters poll showed.
The yuan tumbled 2.5% in May, its biggest drop in 10 months, after U.S. President Donald Trump slapped 25% tariffs on $200 billion of Chinese imports, up from 10% previously. To stop the currency from falling further, the People’s Bank of China intervened late last month and kept the daily reference rate stronger than the current 6.9 per dollar.“China fixed the USD/CNY central parity just below 6.90, and its officials warned of huge losses for those who sought to speculate against the Chinese yuan. There is less fear that the Chinese yuan will depreciate past 7 against the USD, for now,” said Philip Wee, FX strategist at DBS.
That led to heavy capital outflows, triggering a 25% plunge in China’s stock market in a year and sparking the highest volatility since the financial crisis of 2008. The total number of respondents in the June Reuters poll who had a 7 per dollar yuan forecast anywhere on the horizon - one, three, six and 12-month end periods - rose to 11 from just five in the previous survey.Of 31 currency strategists in the June poll who answered an additional question, about half said the yuan will not breach the 7 per dollar rate any time soon. But 12 said it would happen in the next 12 months, including one who said within a month.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
China announces South China Sea military training exercisesBEIJING (AP) — China began two days of military training in the South China Sea Sunday, as its defense minister warned that China's armed forces would 'resolutely take action' to defend Beijing's...
Weiterlesen »
Taiwan urges China to 'repent' for Tiananmen, China paper says event is merely historyChina must 'sincerely repent' for the bloody crackdown on pro-democrac...
Weiterlesen »
Apple CEO Cook says he doesn't see China targeting Apple in U.S.-China trade disputeApple Inc Chief Executive Officer Tim Cook said China has not targeted the compa...
Weiterlesen »
China tightens security around Tiananmen on anniversary of crackdownTourists thronged Beijing's Tiananmen Square on Tuesday amid tighter-than-u...
Weiterlesen »
China defends Tiananmen crackdown in rare comments before anniversaryAhead of 30th anniv., Chinese defense minister asserts that the Tiananmen crackdown, in which Chinese troops opened fire to end the student-led unrest, was justified.
Weiterlesen »
On Tiananmen anniversary, Taiwan says China continues to cover up crackdownOn Tiananmen anniversary, Taiwan says China continues to cover up the truth about the bloody crackdown on pro-democracy demonstrators in and around Tiananmen Square 30 years ago by YimouLee
Weiterlesen »
China expresses 'strong dissatisfaction' with U.S. statement on Tiananmen anniversaryChina expresses 'strong dissatisfaction' with U.S. statement on the 30th anniversary of the Chinese government’s bloody crackdown on student-led protests in Tiananmen Square
Weiterlesen »
The Latest: China attacks Pompeo statement on TiananmenBEIJING (AP) — The Latest on the 30th anniversary of the Tiananmen Square protest (all times local): 11:45 a.m. China has accused U.S. Secretary of State Mike Pompeo of smearing its...
Weiterlesen »
China manufacturing data suggests some damage from trade warA report on Chinese manufacturing suggests Beijing's trade war with the Trump administration is causing economic damage.
Weiterlesen »
It's not China or the US: Here are the trade war's winners — so farNomura economists found that the U.S. and China, in order to avoid elevated tariffs, have cut down importing certain goods from each other.
Weiterlesen »