Top Yuan Forecaster Exits Long Trade After Making 4.5% Gain
- Skandinaviska Enskilda Banken expects currency to weaken
- Strong exchange rate unwanted amid slowing exports: Yokota
The Taming of the Yuan
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The top-ranked yuan forecaster is betting the currency’s stunning advance has run its course for now.
Skandinaviska Enskilda Banken AB has exited its long positions after making a 4.5 percent profit this year, according to Sean Yokota, the bank’s head of Asia strategy in Singapore and the most accurate forecaster for the yuan in the second quarter as ranked by Bloomberg. The exchange rate will weaken 0.5 percent by the end of 2017, as weaker export growth discourages the People’s Bank of China from guiding the yuan stronger, he said.