Yuan Breaks Above Downward Trend Against Key PBOC Basket: ChartBy
The People’s Bank of China has been gradually guiding the yuan lower against its own currency basket for 10 months. Now the legal tender is "breaking out" of that downward channel, said Mark Cudmore, a Bloomberg strategist, in a Macro View column published Thursday. "The timing is right for this move to be sustainable, and that has bullish implications for Asian assets, particularly South Korea, Malaysia and Australia," Cudmore writes.
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