Trvalý odkaz Pridané používateľom Anonymný (bez overenia) dňa So, 12/14/2024 - 11:28
SHANGHAI, Dec 6 (Reuters) - The yuan was little changed on Friday against the dollar,<br>
<br>
but is headed for its tenth straight weekly loss amid concerns that new tariff threatened by President-elect Donald Trump will heighten strains on the struggling <br>
<br>
Chinese economy.<br>
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Analysts expect the dollar to remain firm as Trump's policies are expected to drive up U.S.<br>
<br>
inflation, but they believe Beijing will prevent the yuan from falling <br>
<br>
too much. "We anticipate some depreciation pressure in an expected strong dollar environment," Lynn Song, Greater China <br>
<br>
chief economist at ING, said in a note.<br>
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However, "we don't expect an intentional large-scale depreciation and think the yuan will remain a low-volatility currency vis-à-vis most other Asian currencies." The <br>
<br>
yuan was changing hands at 7.2549 per dollar around midday,<br>
<br>
little moved from the previous close.<br>
<br>
Although the currency has rebounded from a one-year low of <br>
<br>
7.2996 hit on Tuesday, it is poised to register its longest weekly <br>
<br>
losing streak since 2018. The dollar index fell to one-week low overnight and "the USD's consolidation should unwind the upside pressure building" in the <br>
<br>
yuan, aided by ongoing attempts by China's central bank to restrain its decline, said Alvin Tan, <br>
<br>
strategist at RBC Capital Markets.<br>
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<br>
Recent data has painted a mixed picture of China's economic recovery, with manufacturing activities improving, but property sales in many Chinese cities <br>
<br>
remaining weak. China's "economic landscape is unarguably dull, and the absence of excitement is perhaps the most salient feature," said <br>
<br>
John Browning, managing director of BANDS Financial.<br>
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He doesn't expect huge stimulus to be announced during next week's <br>
<br>
Central Economic Work Conference, as "Beijing's largesse will be reserved until after Trump is restored to the White House and the trade war formally begins." Top policymakers will gather <br>
<br>
at the conference to agree on major economic goals for next <br>
<br>
year.<br>
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<br>
But the target for 2025 growth, one of the most closely-watched <br>
<br>
indicators globally for clues of Beijing's near-term policy intentions, likely will not be officially announced until an annual parliament meeting <br>
<br>
in March. During Trump's first term as president, the yuan weakened about 5% against the dollar after the initial round of <br>
<br>
U.S.<br>
<br>
<br>
<br>
tariffs on Chinese goods in 2018, and fell another 1.5% a year later when trade tensions escalated.<br>
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Growth worries and expectations of further monetary easing <br>
<br>
by Beijing pushed China's 10-year treasury yields <br>
<br>
below 2% to record lows this week, worsening the yield disadvantage against the <br>
<br>
U.S., and exerting downward pressure on the yuan. ING's Song expects the <br>
<br>
onshore yuan to move within a band between 7.00-7.40 per dollar, but <br>
<br>
could fall further to 7.50 "if tariffs come in earlier or more aggressive than our forecasts." LEVELS AT <br>
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03:47 GMT GMT INSTRUME CURRENT UP/DOWN( % CHANGE DAY'S DAY'S LOW NT vs USD -) VS.<br>
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YR-TO-DATE HIGH PREVIOUS CLOSE % Spot 7.255 0.09 -2.11 7.2518 7.2675 yuan <<br>
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CNY=CFX S Offshore 7.2615 0.03 -1.87 7.2574 7.2733 yuan spot <br>
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(Reporting by Shanghai newsroom; Editing by Kim Coghill)<br>
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SHANGHAI, Dec 6 (Reuters) -