Taking stock of the outlook for the renminbi

The depreciation pressure on the renminbi has abated over recent months and the USD/CNY rate is currently trading around our end-2024 target of 7.10. But with US interest rate expectations on the rise again, China’s stimulus announcements continuing to underwhelm, and the US election looming, we think the risks around our renminbi forecast remain skewed to the downside.

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