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An economist at BOC International said the yuan will be volatile in 2024 and forecast the US dollar index near 100. He linked a stronger yuan to a Federal Reserve rate pivot and to improved Chinese consumption and investment.
He also projected China's 2024 GDP growth at about 4.8%.
Expected Chinese growth and a softer dollar would support demand for imported commodities such as soybeans and meal. The forecast is an outlook rather than a new shock, so the price effect is modest.
mnimarkets.comMNI Editorial 1Jan 4, 2024After 169 past neutral macro events, USDCNY moved a median +0.0% over 5 sessions (50% higher; middle half -0.3% to +0.2%), and -0.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
