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CNY likely to depreciate further?

Friday, December 18, 2015 9:00 AM UTC

Announcement of CFETS Index allowed China to publish its own currency index and also reinforces that the authorities are less emphasizing on USD/CNY movements and more on changes in CNY relative to China's primary trading partners.

China is indeed attempting to maintain relative stability in the NEER by allowing USD/CNY to move high.

Chinese authorities' decision to prevent further weakness of CNY seems to have waned off late, with USD/CNY fixings moving higher consistently.

New CNY NEER basket allows the authorities to avert the currency appreciation at a time when broad USD appreciation is expected, which is in line with USD/CNY rise.

"Indeed, we believe some of the depreciation in CNY/CNH recently likely reflected a degree of targeted pre-emption of general USD strength ahead of expected Fed rate hikes", says Barclays. Add to Anti-Banner

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CNY likely to depreciate further?

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