CNY will likely remain under pressure for the rest of this year – Commerzbank

Noticias del mercado

14 agosto 2023

CNY will likely remain under pressure for the rest of this year – Commerzbank

Economists at Commerzbank analyze CNY outlook.

Wide, negative China-US yield spreads will remain for longer

While the PBoC has continued to impose daily fixings significantly stronger than market estimates based on the fixing formula, they prevented a sharp depreciation of CNY but did not reverse the weakening trend.

CNY will likely remain under pressure for the rest of this year. We will likely only see a rather moderate boost to growth from policy stimulus in the coming months. Slow growth also speaks in favor of a loose monetary policy. The wide, negative China-US yield spreads will therefore remain for longer.

Weaker CNY can drag Asian and commodity currencies weaker and keep the Dollar bid – ING

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