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CNY depreciation expectations in check – UOB

FXStreet (Delhi) – Research Team at UOB, suggest that after Chinese markets reopened today after a week-long break, authorities are likely to keep CNY depreciation expectations in check ahead of IMF’s SDR decision expected in Nov/Dec with the IMF/WB annual meetings later this week (9-11 October).

Key Quotes

“Potentially there may be further announcements for China’s market opening to make the RMB exchange rate more flexible, including the widening of trading bands. The 5th plenum of the 18th session will take place in October this year, with the focus on the 13th 5-year plan (2016-2020), which is the first 5-year plan under the Xi Jinping-Li Keqiang government.”

Technical Picture:

USD moved below the 6.3470 support but quickly rebounded from a low of 6.3362. While the current recovery could extend higher, the movement is likely part of a broader consolidation instead of the start of a sustained up-move. From here, allow for a dip to 6.3400 but 6.3350 is expected to hold for a move to 6.3520.”

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