Analysts at Citigroup believe that a US-China trade truce will be reached at the G20 Summit and therefore, the offshore Chinese Yuan is likely to gain against the greenback.
Key Quotes:
“The Yuan to gain modestly after the G-20 summit.
Expect the US to delay tariffs and for trade talks to restart.
CNH to gain to 6.83, further if USD weakens more.
If the US hikes tariffs but keeps negotiating, offshore Yuan to rise to 6.95.
50% chance of above 7.00.”
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