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Kenanga Research's FX outlook forecasts a bearish yuan for January 2023, citing a 2022 depreciation of more than 8% against the dollar. Beijing's rollback of zero-COVID curbs and seasonal dollar weakness lifted the yuan 2.7% in December.
Analysts expect it to slide back toward 6.90-7.00 per dollar as manufacturing PMI contracts and infections surge.
A weaker yuan makes Chinese exports more competitive, which can weigh on China's import demand for feed ingredients priced in dollars. The forecast implies a higher USD/CNY rate.
businesstoday.com.myJan 3, 2023After 398 past bullish macro events, Chinese Yuan (CNY per USD) moved a median +0.0% over 5 sessions (56% higher; middle half -0.3% to +0.5%), 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.
