Chinese markets are closed for Golden Week, so no yuan fix from the People's Bank of China today
But, if you've clicked and you want something ... (fair enough) ...
Here is PIMCO on the yuan:
The yuan has become a reserve currency ... On 1 October, the International Monetary Fund (IMF) officially included the yuan in the currency basket for its Special Drawing Rights, alongside the U.S. dollar, euro, yen and British pound
Despite the bumpy road over the past year, the promise held out by the IMF's decision is gradually being realized:
- China's presence in global capital markets is increasing.
- Earlier this year, China announced that it would open the interbank bond market to foreign investors much sooner than expected.
- Chinese equities appear to be on track for inclusion in MSCI's widely used emerging market equity index over the next year or two.
- And now that the currency has achieved reserve status, the yuan is likely to be used more widely in international transactions going forward.
PIMCO's outlook for China:
We expect
- More progress on financial market reform amid slowing growth and continued depreciation in the yuan
- Our base case calls for GDP growth of about 6.4% in 2016 and 5.75%-6.25% in 2017
- A gradual decline in the yuan versus the U.S. dollar over the next 12 months
