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7 Aug 2014
CNY flows point to scope for further gains - ANZ
FXStreet (Bali) - According to Khoon Goh, FX Strategist at ANZ Research, CNY flows point to scope for further gains.
Key Quotes
"CNY spot has appreciated to the strong side of the band for the first time since early March."
"With Chinese economic activity improving, we believe there is scope for further appreciation, driven by conversion of onshore FX deposits and increased foreign portfolio inflows."
"The latter is structural in our view, but will be given a short-term boost when the Shanghai-Hong Kong Stock Connect is launched in October."
"We maintain our year end USD/CNY (and USD/CNH) forecast at 6.15, and hold on to our short USD/CNH forward trade, which currently has a mark-to-market gain of 0.9%."
Key Quotes
"CNY spot has appreciated to the strong side of the band for the first time since early March."
"With Chinese economic activity improving, we believe there is scope for further appreciation, driven by conversion of onshore FX deposits and increased foreign portfolio inflows."
"The latter is structural in our view, but will be given a short-term boost when the Shanghai-Hong Kong Stock Connect is launched in October."
"We maintain our year end USD/CNY (and USD/CNH) forecast at 6.15, and hold on to our short USD/CNH forward trade, which currently has a mark-to-market gain of 0.9%."