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China: Renminbi to decline against USD - Wells Fargo

FXStreet (Córdoba) - According to economists from Wells Fargo, the Chinese currency is likely to continue to decline considering today’s GDP numbers.

Key Quotes:

“While the 6.9 percent year-over-year growth rate in Chinese real GDP in Q3 was slightly higher than the expectations of most analysts, it still represents the slowest year-ago pace of growth in more than six years.”

“After the 2 percent devaluation in the renminbi on August 11 that sent shockwaves through global financial markets, the Chinese currency has actually appreciated modestly on balance since then.”

“However, given the generally dovish bias the PBoC has adopted and our expectations for gradual Fed tightening in the coming months, our currency strategy team expects the renminbi to depreciate modestly vis-àvis the greenback in the coming quarters.”

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