Weak growth and surprise PBOC easing keep CNY under pressure – Goldman Sachs USDCNY CentralBanks Banks China
Economists at Goldman Sachs forecast USD/CNY to firm up in the near term amid Chinese growth concerns and a broad-based US dollar strength.“Meanwhile, China is also facing the strong headwinds from rising Covid cases and an unusually hot and dry summer that has been stressing power supply and causing production cuts in certain provinces and some energy-intensive sectors, together with lingering property-related risks.
"Given our expectations for broad US dollar strength and still-weak China growth, we still see risks of further upside to USD/CNY in the near term and expect that the CNY can underperform NJA FX in H222." If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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