USD/CNY Likely to Stay Rangebound in Near Term -- Market Talk

Dow Jones06-05

0756 GMT - USD/CNY is likely to stay rangebound in the near term, with caution advised for periodic unwinds of CNY shorting positions, Goldman Sachs analysts say in a research note. PBOC has shown active management of CNY and is likely to maintain tight control to fend off depreciation expectations due to elevated capital outflow pressures, they say. However, they point out that CNY shorts have been among the few profitable consensus trades year-to-date, which may add pressure to the currency. Next catalysts include potential monetary policy easing, implementation of property destocking policies, potential EU tariff hikes on Chinese EVs, and the key political meeting to be held in July, the analysts add. (tracy.qu@wsj.com)

(END) Dow Jones Newswires

June 05, 2024 03:56 ET (07:56 GMT)

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Next catalysts include potential monetary policy easing, implementation of property destocking policies, potential EU tariff hikes on Chinese EVs, and the key political meeting to be held in July, the analysts add. 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PBOC has shown ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"USD","symbol_name":"ProShares Ultra Semiconductors","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2441588249","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2441588249","pubTimestamp":1717574160,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0756 GMT - USD/CNY is likely to stay rangebound in the near term, with caution advised for periodic unwinds of CNY shorting positions, Goldman Sachs analysts say in a research note. PBOC has shown active management of CNY and is likely to maintain tight control to fend off depreciation expectations due to elevated capital outflow pressures, they say. However, they point out that CNY shorts have been among the few profitable consensus trades year-to-date, which may add pressure to the currency. Next catalysts include potential monetary policy easing, implementation of property destocking policies, potential EU tariff hikes on Chinese EVs, and the key political meeting to be held in July, the analysts add. 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