Xi's dream of 'powerful currency' likely to be challenged by Trump's return

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Xi's dream of 'powerful currency' likely to be challenged by Trump's return - Business Standard

Quick Summary:

BNP Paribas SA expects the dollar-yuan to stabilise around 7.5 if Trump follows through on his pledge to impose 60 per cent tariffs on Chinese goods, while UBS AG forecasts a rate of 7.60-7.70 next year and Societe Generale SA expects 7.40 in the second quarter.

Traders are now keeping a close eye on offshore yuan funding markets, where expectations are building that state banks’ overseas units could tighten the supply of yuan to squeeze bearish wagers.

Analysts expect the yuan to break a 17-year low against the dollar in 2025, with the most bearish observers predicting a decline of around 10 per cent.