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Brokers Raise RMB Forecasts; G Sachs Expects USD/CNY at 6.5 within 12 Mths
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Several brokers raised their forecasts for RMB, propelled by China's export competitiveness and the maintenance of stable trade relations with the US. RMB exchange rate continued to appreciate steadily since the beginning of this year. As of Tuesday (19th), CNH cumulatively climbed about 2.6% against USD to 6.7973. HSBC HOLDINGS (00005.HK) was bullish that RMB will continue to appreciate moderately and raised its year-end forecast to 6.65 per USD from the previous 6.75. The bank cited China's strong export competitiveness, along with RMB internationalization and economic rebalancing, as key domestic structural themes supporting RMB. Deutsche Bank also lifted its year-end forecast for RMB to 6.55 per USD from the previous 6.7, noting that China's enormous growth in upstream product imports is likely to be followed by a further rebound in export orders and a recovery in domestic demand. Goldman Sachs viewed that, supported by China's unprecedented trade surplus and strong export competitiveness, RMB has room for further and more sustained appreciation. It forecast USD/CNY to reach 6.8, 6.7 and 6.5 in three, six and twelve months, respectively, compared with its previous forecasts of 6.85, 6.8 and 6.7 per USD. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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