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China Yuan May Face Depreciation Pressure in Short Term: News

CHINA PRESS
MNI (Singapore)

The Chinese yuan may face periodic depreciation pressure when domestic companies' strong seasonal demand for forex settlement eases, the Shanghai Securities News reported citing analysts. The yuan may remain strong against the U.S. dollar in Q1, as the market has already priced in China’s rate cut and U.S.’s expected rate hike, the newspaper said citing Wang Dan, the chief economist at Hang Seng China. The PBOC may increase counter-cyclical tools around the Spring Festival in February should the yuan still appreciates excessively after FX settlement demand is fully met, the newspaper said citing CIB Research. On Tuesday, the onshore yuan once strengthened to as high as 6.3235 against the dollar, hitting a new high since April 2018, the newspaper added.

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