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Goldman Sachs: CNY Back To Appreciation, But Pace Matters

CNY

Goldman Sachs note that the "CNY weakened against the USD in March this year along with temporary strengthening of the USD and policymakers' "smoke signals" on the exchange rate, but since April CNY appreciation has resumed and it appreciated rapidly both against the USD and against the CFETS basket over the past week."

  • "There has been considerable media and market commentary around PBOC's policy stance on the CNY exchange rate in recent days. We see little reason for the PBOC to proactively seek CNY appreciation, and their recent communications signaled discomfort with the rapid pace of appreciation."
  • "Having said that, we see fundamental drivers still arguing for gradual appreciation of the currency against the USD: we could see more FX inflows in the coming months and our global team expects further weakening of the broad USD in the next few months. We maintain our forecast of USD/CNY at CNY6.20 in 12 months."
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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