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Forex Traders Expect A Yuan Rebound In The Near Term: Herald

CHINA PRESS
MNI (Singapore)

A yuan dip may be temporary, as the forex market generally expects Chinese regulators have sufficient tools to stabilise the currency, the 21st Century Business Herald reported citing an unnamed FX trader at a large state-owned bank. Some large asset management institutions have established long positions in the yuan between 6.81 and 6.83 against the U.S. dollar, looking for trading opportunities, the newspaper cited the trader as saying. After the yuan weakened by more than 5% in the past three weeks, institutions have begun to buy, as they believe speculation has driven the yuan below the equilibrium level. But the currency will soon usher in a return of value as the Chinese economy resumes steady growth, the newspaper said citing another unnamed trader at a large European asset management institution.

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A yuan dip may be temporary, as the forex market generally expects Chinese regulators have sufficient tools to stabilise the currency, the 21st Century Business Herald reported citing an unnamed FX trader at a large state-owned bank. Some large asset management institutions have established long positions in the yuan between 6.81 and 6.83 against the U.S. dollar, looking for trading opportunities, the newspaper cited the trader as saying. After the yuan weakened by more than 5% in the past three weeks, institutions have begun to buy, as they believe speculation has driven the yuan below the equilibrium level. But the currency will soon usher in a return of value as the Chinese economy resumes steady growth, the newspaper said citing another unnamed trader at a large European asset management institution.