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Yuan May Fluctuate Between 7.15-7.17 Against U.S. Dollar In Near Term

MNI (Singapore)

The market should brace for further yuan appreciation, with more short squeezes expected especially over the typical November to January settlement period, reported citing analysts. The yuan is likely to fluctuate within the range of 7.15 to 7.17 against the U.S. dollar in the next few days, said Zhou Hao, chief economist at Guotai Junan Securities. Short squeezes driven by the improvement in China-U.S. relations and expectation of the end of rate hike is driving the recent yuan rebound, though the sustainability is unclear. The yuan has appreciated by nearly 2,000 points in two weeks.

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