China's Yuan to refresh decade lows as trade war drags on - Reuters poll
The Analysts surveyed by Reuters believe that the Chinese yuan will extend the decline and renewed decade lows, as China will continue to devalue its currency amid lingering US-China trade war risks.
Key Findings:
“The Sept. 24-Oct. 3 poll of over 60 foreign exchange strategists showed the yuan will be about 1% weaker at a more than decade-low of 7.20 against the dollar by end-2019.
The currency is forecast to hover around the same rate by March 2020 and then appreciate to 7.16 per dollar by this time next year.
Over 60% of the respondents were anticipating further deterioration or a continuation of the status quo and the rest forecast an improvement.
Forecasts for where the yuan will trade in a year were divided too, with 31 of 60 respondents expecting it to weaken further and 29 respondents seeing the yuan gaining from here.”
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
