TD Securities: renminbi to depreciate to 7.30 as US-China tensions linger
Move will alleviate some pressure from US tariffs; bank expects interim gyrations in EM trading
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The Chinese currency is likely to continue to depreciate over the next year and reach 7.30 against the dollar within a matter of months, as trade tensions between the US and China are expected to persist for the foreseeable future, says Mitul Kotecha, a senior emerging market strategist at TD Securities.
USD/CNY hasn’t traded at such levels since January 2008. It was trading at 7.07 at press time.
The continued depreciation of the renminbi has been a sore point for
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