Brexit Knocks Yuan Forecasts to 7 a Dollar at UBS, Goldman, RBS
- Yuan and peso are Asia’s biggest losers since U.K. vote
- “Things will get difficult” as dollar gets strong, RBS says
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In Asia’s post-Brexit currency markets, one of the few things falling faster than the yuan is analysts’ yuan forecasts.
Bank of America Corp., UBS Group AG, Goldman Sachs Group Inc. and Royal Bank of Scotland Plc last week cut their outlooks for China’s currency to 7 per dollar and beyond, joining early bears such as Rabobank Groep. The yuan has slid 1.6 percent since Britain’s June 23 vote to quit the European Union, a loss rivaled only by the Philippine peso within Asia, as the central bank allowed the currency to weaken against the greenback amid slides in the pound and euro.