Chinese insurer Anbang Insurance Group Co.’s bid to buy Starwood Hotels & Resorts Worldwide Inc. is the latest sign that the yuan is overvalued, according to RBC Capital Markets. Companies in China have announced a record $97 billion of overseas takeovers this year, using the strong currency to do deals such as China National Chemical Corp.’s $43 billion acquisition of Switzerland’s Syngenta AG. While the yuan has declined about 4 percent from its all-time high on a trade-weighted basis, it’s still 13 percent above fair value, Daniel Tenengauzer, head of emerging-market and foreign-exchange strategy at RBC, said in a report.
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