While we await the reference rate setting for the onshore yuan, forecasts from a note from GS:
Goldman Sachs expects the yuan
- in 3 months at 7.05
- in 6 months at 6.95
- in 12 months at 6.80
GS cite yuan to fall to partially offset higher US tariffs. Adds that Chinese policy makers are reluctant to have it above 7 … "psychologically important level"
Earlier:
- ICYMI - PBOC Governor Yi Gang said no specific level for the yuan is important
- China FX reserves data for the end of May: 3.101tln USD (3.09tln expected)
- HK press: US Treasury Secretary Steven Mnuchin Accuses China of manipulating the yuan
Offshore yuan, USD/CNH:
