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G Sachs: RMB Undervalued by 25%; 'Highest Conviction' in RMB Appreciation
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Believing that the RMB is undervalued by 25%, Goldman Sachs expects its appreciation to exceed the pricing indicated by forward contracts next year and regards RMB appreciation as one of the "highest conviction" trades. Both onshore and offshore RMB are likely to achieve annual appreciation for the first time since 2021 given factors like a weakening US dollar, capital inflows into Chinese stock markets, the internationalization of RMB, and a stronger central parity rate set by the People's Bank of China, Goldman Sachs said. Sputtering domestic economic performance, deflationary pressures, potential US dollar rebound, and headwinds in exports, however, suggest that the RMB will face downside pressure simultaneously. AAStocks Financial News |
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