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Macro Comment ChinaCNY to be kept stable, but only in effective terms

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We revise our USD/CNY forecast after seeing signs of Chinese authorities being less worried about CNY weakness, and on the back of revisions to our USD forecast. Our underlying view of a stable effective exchange rate is unchanged and we continue to expect a weakening of the CNY versus the USD in the short term, but a stronger CNY in the long term.

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Bjarke Roed-Frederiksen

Senior Economist

Latin America and China

bjro03@handelsbanken.dk

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