fxstreet.com 03 Feb, 2021 14:30 am

Chinese economy will continue to expand and support the yuan – MUFG

Chinese economy will continue to expand and support the yuan – MUFG
After a 1% appreciation on the first trading day this year, CNY remained range-bound against USD in most time of January. Economists at MUFG Bank main

Economists at MUFG Bank maintain an appreciation bias on CNY against USD, supported by continued China’s economic recovery.Exports and industry production will continue to be the main driving forces for Chinese economic recovery.Key quotes “We maintain an appreciation bias of CNY against USD, with an expectation of a higher possibility of two-way fluctuation for Q1 and the rest of this year.FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.

It also does not guarantee that this information is of a timely nature.” “PBoC will certainly tighten its monetary policy at some point down the road, but not now or this quarter, as consumption is still weak, clusters of pandemics are happening in some areas of China, and still severe overseas’ pandemic situations post risks too.

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