Renminbi set to outperform market expectations in 2011

President Hu Jintao’s visit to the US later in January will draw attention back to the renminbi. We believe that markets are underestimating the likely pace of appreciation over the year ahead. In this month’s data releases, GDP growth may have risen in Q4, contrary to the consensus expectation. Meanwhile our estimates suggest that consumer price inflation finished last year with a large fall.

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