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Economists at Commerzbank expect the Chinse Yuan (CNY) to remain under pressure for the time being.
The CNY will likely remain under significant downside pressure in the near term.
The PBoC may step up its efforts to stem CNY from weakening sharply. Last week, the central bank announced strong daily fixings, sold bills in Hong Kong to absorb offshore CNY liquidity, and instructed state-owned banks to step up intervention in both the onshore and offshore markets.
As the CNY moves beyond 7.30 against the Dollar, the PBoC could cut FX reserve requirement ratio to increase onshore Dollar liquidity and/or raise FX forward sales risk reserve ratio to increase the cost of shorting the CNY.
風險提示:本文所述僅代表作者個人觀點,不代表 Followme 的官方立場。Followme 不對內容的準確性、完整性或可靠性作出任何保證,對於基於該內容所採取的任何行為,不承擔任何責任,除非另有書面明確說明。
