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- Chinese yuan could head to 7.2 versus dollar in November - Goldman Sachs
Chinese yuan could head to 7.2 versus dollar in November - Goldman Sachs
The Chinese yuan is expected to show some near-term weakness against the U.S. dollar, according to investment bank Goldman Sachs.
“We forecast a rise back to 7.20 versus the dollar, so trading towards the weak end of the band around the fix,” Zach Pandl, co-head of global foreign-exchange rates and emerging markets strategy at Goldman Sachs, told CNBC.
That move will likely happen “over the course of the next month, is our best guess,” he added.
Earlier this month, when the U.S. and China reached a partial breakthrough in trade negotiations, the yuan strengthened from levels near 7.11 to around 7.06 per dollar.
Chinese policymakers “have been using the yuan as a way to stabilize the economy, really on and off since 2015, since the currency reforms,” Pandl said.
“I don’t really see a reason for that trend to change just yet — still makes sense given the other constraints on policy to try to allow the exchange rate to be one measure to try to support domestic growth,” he added.
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