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- CNY: further downside expected – UOB
CNY: further downside expected – UOB
The Chinese Yuan is seen gathering extra downside traction in the near term, suggested analysts at UOB Group in its Quarterly Global Outlook.
- “Our weaker outlook of China’s economy also supports our view of a weaker CNY going forth.
- Overall, against the CNY, we believe USD/CNY will trade in the new normal of above 7.00 going forth.
- Our new point forecasts for USD/CNY are 7.20 at 4Q19, 7.25 at 1Q20 and 7.30 for both 2Q and 3Q20”.
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