Yuan Forecasts Cut at Fastest Pace Since January on Fed, Economy
- Currency trades near five-year low amid surge in dollar
- Exchange rate to weaken 1.8 percent rest of this year: survey
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Analysts are cutting their forecasts for China’s yuan at the fastest pace since January with the currency’s losses accelerating as the economy slows and the U.S. moves closer to raising interest rates.
The exchange rate will weaken 1.8 percent the rest of this year to 6.70 a dollar, according to the median estimate in a Bloomberg survey of analysts including at Credit Suisse Group AG and Mitsubishi UFJ Financial Group Inc. That translates to a forecast cut of 0.6 percent, the most since Jan. 25.