RMB steadies despite Brexit vote, outlook still vulnerableFX Daily; AsiaJuly 01, 2016 Posted by Fernand Kong, CFA Read More0 Comments
Surprise Brexit outcome
caused global currencies tumbled, but RMB’s loss paled in comparison to global currencies.1
markets and FX liquidity recovered two days after the Brexit vote.2
Near term, we
might see USD/CNH to retreat further to the low 6.60’s, which would be good
opportunities for companies to lock in FX rates for USD purchase.
The medium to long term outlook for USD/CNH is still moving higher
in an orderly fashion with a possible target of 6.75 by year end.
sought stability and will prevent the RMB depreciating too fast.
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