USD/CNH: FX “smoothening” to continue near key levels of 7.15, 7.20, and 7.25 – Credit Suisse USDCNY PBOC Banks
Yuan has further room to fall
The market’s current pessimism on China’s recovery, and its prior overweight position in China equities, suggest that the Yuan has further room to fall. However, we expect FX ‘smoothening’ to continue near key levels of 7.15, 7.20, and 7.25 to ensure that Yuan weakness does not amplify market pessimism.
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