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Chinese RMB Strengthening To 6.10 Against U.S. Dollar By Year End

· Price trends

Nordic corporate bank SEB has revised its forecast lower on the Chinese Yuan (CNY) against the U.S dollar to 6.10 by the end of this year, an appreciation of 3.174% over their previous projection of 6.30. By the end of 2019 the bank’s analysts predict the Greenback at CNY5.80 - indicating an almost 5% strengthening on an earlier forecast (6.10).

Today at 10:29 a.m. New York time, the USD/CNY spot rate was quoted on Bloomberg at 6.2888, which was -0.0351 (-0.56%) off from the overnight position. And, were SEB’s end of year forecast for 2018 were to prove to correct it would mean the Yuan would have strengthened by 3%. A week ago on 24 January USD/CNY rate stood at 6.37.

But illustrating how things change, last week ago the bank published its latest Currency Strategy report citing a slower economy for China, but a stronger CNY - albeit at 6.30 by year end. The 12-month consensus on the currency pair was put at between 6.49 and 6.54 according to Bloomberg's survey FX forecasts.


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