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Economists at Société Générale make an upward revision to USD/CNY.
An arduous march to 7.60 by the end of 2023
We revise up our year-end USD/CNY forecast by 0.20 to 7.60.
The policy response, seemingly less organised than in the past, should pave the way for the USD/CNY pair to overshoot rather than undershoot for the remainder of the year.
The current CNY weakness is fundamentally driven and the impact of the PBoC’s stronger fixing is not likely to be effective this time around.
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