
Danske Bank says USD/CNY jumped to its highest level in six years, near 6.72, after trading resumed following the Chinese holiday. The bank views the move as business as usual and expects the weakening trend to continue, with a 12-month target of 7.1.
It cites slowing growth, high debt, rising US rates, negative FDI flows and financial crisis risk.
A forecast for a sustained weaker yuan would reduce Chinese import purchasing power for feed commodities over the coming year. The effect on feed prices depends on whether the trend materializes.
在过去 398 次看涨的宏观事件之后,人民币(每 USD 的 CNY) 在 5 个交易日内中位数变动 +0.0%(56% 上涨;中间一半区间为 -0.3% 至 +0.5%),20 个交易日内为 +0.0%。
各商品基准价相对事件前最后收盘价的变动。历史数据汇总同类过往事件;仅描述已发生的情况,不代表未来走势。不构成投资建议。
USD/CNY jumped to a six-year high near 6.72 when onshore trading resumed after the holiday, which describes the move in question and reflects bearish sentiment on the yuan.
USD/CNY jumped to a six-year high near 6.72 on resumed trading, and the bank's bearish yuan outlook reinforced depreciation sentiment.