Westpac: yuan remains resilient despite upward pressure on USD
Yuan could be supported by China’s fiscal stimulus and balanced capital outflows; Indian rupee faces pressure from oil prices and deficits
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The Chinese yuan is likely to remain resilient despite upward pressure on the US dollar, after the Federal Reserve’s decision to hold interest rates steady on May 1, according to Westpac.
The Australian bank topped this week’s one-month emerging markets (EM) currency forecast.
The yuan’s resilience comes from the support of China’s policy-makers, as well as balanced capital outflows, according to Frances Cheung
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