Similarly, Peter Chia, senior foreign exchange strategist at United Overseas Bank, said the move by the PBOC would only leave the yuan "a little bit more stable, rather than appreciating non-stop." Chia forecast the yuan could hit 6.60 against the U.S. dollar by the middle of next year.that as long as the "bigger macro factors" weighing down the greenback remain, the U.S. dollar could weaken further against the yuan in the coming quarters.
"We think the medium-term trend remains extremely constructive for the Chinese yuan," said Adam Margolis, head of foreign exchange, commodities and rates for Asia at JPMorgan Private Bank. UOB's Chia also pointed out that it's not the first time the Chinese central bank has made such a move. Its previous action in September 2017 "didn't really stop" the weakness in the greenback from eventually weighing down the U.S. dollar-Chinese yuan currency pair, the strategist said.
CB intervention has never worked in controlling the currency exchange rate
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The only bubble bigger than the cramerbubble stock rally in the US is the currency and real estate bubble in communist China.
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