There will be no respite for the battered Chinese yuan over the coming year as U...
BENGALURU - There will be no respite for the battered Chinese yuan over the coming year as U.S.-China trade relations are expected to remain rocky despite recent hopes for some resolution, a Reuters poll of FX strategists found.
But a majority of strategists polled by Reuters expressed caution about the rising yuan and did not expect that trend to last without a broader, clearer and permanent deal that rolls back existing tariffs. Hopes of some sort of an agreement have increased on reports Beijing has agreed to Washington’s demands.
“The market is likely to remain skeptical on progress of the trade talks after the U.S. presidential election. It seems likely that trade tensions will persist even if there is a new U.S. president, which is also uncertain.” “Even with the Phase 1 deal done, we expect Chinese economic growth to continue to slow,” said Khoon Goh, head of Asia research at ANZ.
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