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USD/ CNH Hits Record Low; Wells Fargo Predicts Possible Drop to 7.5 Lv
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The escalation of the US-China trade war and China's relaxation of strict controls on the RMB have sunk the CNH to its lowest level on record. On Tuesday (8th) in New York's late trading, USD/ CNH once slipped by 1.1% to 7.4290, setting a new record low for the spot exchange rate. Aroop Chatterjee, managing director of macro strategy and emerging markets at Wells Fargo, predicted that the pace of RMB depreciation would accelerate. In addition, Chinese authorities have hinted at greater flexibility in the exchange rate, which may bring USD/ CNH to 7.5 or an even lower level. AAStocks Financial News |
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