(Bloomberg) -- China’s second attempt in a month to loosen its grip on the yuan is opening up the door for the currency to test a psychological milestone...
-- China ’s second attempt in a month to loosen its grip on the yuan is opening up the door for the currency to test a psychological milestone that hasn’t been seen since November.Powell Signals Rate-Cut Delay After Run of Inflation Surprises
“The drop of the yuan may be very slow,” said He Wei, a China economist at Gavekal Dragonomics who sees the currency to test 7.30 by the end of June. A gradual weakening path allows the PBOC to balance bolstering growth with stabilizing market sentiment, he said.Apart from He, analysts at DBS Group Holdings Ltd., Malayan Banking Bhd and Standard Chartered Plc are among those saying the yuan may drop to or weaker than 7.30 in the near term. The onshore currency traded as just below the 7.
On Friday, JPMorgan Chase & Co. lowered its near-term forecast for the yuan to 7.30 from 7.25 due to ongoing repricing in US rates and a shallower rate-cut cycle by the Fed. Jerry Dean McLain first bet on former president Donald Trump’s Truth Social two years ago, buying into the Trump company’s planned merger partner, Digital World Acquisition, at $90 a share. Over time, as the price changed, he kept buying, amassing hundreds of shares for $25,000 - pretty much his “whole nest egg,” he said.
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