TD says 7 will be allowed to break for USD/CNY

Author: Eamonn Sheridan | Category: Central Banks

Plenty of chatter about on the yuan today reflected in items from all over the place:

TD on the yuan:
  • 7.00 level will be allowed to eventually fall if seen as fundamentally necessary
  • Considerations regarding the need to adjust against tariff impact as well as preserve FX reserves against much higher external debt levels should dominate China's priorities
  • remain bearish CNY, seeing the need for further macro adjustment, and the risk that additional U.S. actions drag on China's economy, during a drawn-out trade war
  • continue to see 7.20 achieved in the coming months (though the near-term defence of 7.00 may delay that)

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