Above 7 per dollar - a new reality for yuan on trade war jitters, Reuters poll shows

BENGALURU - The Chinese yuan will weaken further beyond the current 7 per dollar rate over the coming year as Beijing steps back from managing the currency amid tariff threats from Washington, a Reuters poll of foreign exchange strategists showed.

That came after U.S. President Donald Trump imposed an additional 10% tariff on the remaining $300 billion worth of Chinese imports and as Washington called China a currency manipulator for the first time in 25 years. “We think it is unlikely that the USD/CNY will fall below 7 unless upcoming trade talks go particularly well, which is not our base case,” said Iris Pang, Greater China economist at ING, who was second most accurate forecaster in Reuters polls for Asian currencies in 2018.

“In an environment which is going to be globally far more uncertain where China is growing much more slowly, you have more than a trade war - basically a Cold War between the two. It strikes me that you will end up having a massive depreciation in the renminbi,” said Michael Every, Hong Kong-based senior Asia-Pacific strategist at Rabobank.

Isn’t that the symbol for Japanese yen? 💴

“The USD/CNY passing 7 shows that China is going to fight this trade war hard, at least while President Trump is in office.” China apparently is willing to wait out the Idiot-in-Chief. CHINA, IF YOU'RE LISTENING...

Awesome

Above 7? Oh no! Used to be above 8 and that was great

Hygienic paper

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