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Yuan To Strengthen Above CNY7 Against USD In 2024

MNI (Singapore)

The yuan will likely further strengthen against the U.S. dollar to break the 7 level next year as the Federal Reserve is expected to start rate cuts, financial news agency reported citing market insiders. Wang Tao, chief China economist at UBS, adjusted the yuan forecast for end-2023 to around 7.1 from the previous 7.3, and raised the forecast for 2024 to 7.0 from the previous 7.15. Wang noted that the yuan may depreciate again in Q1 2024 given the People’s Bank of China could further loosen monetary policy. The PBOC will likely not cut interest rates after spring when the Chinese economy likely stabilises, Wang added.

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