The yuan has outperformed in 2020 against both dollar and its major trading partners despite the escalation of US-China tension with CNY has gained more than 6% against the US dollar as of the end of November. Economists at OCBC Bank expect the Chinese yuan to remain supported in the next year. Key quotes “The strong RMB was mainly attributable to three factors including China’s first in first out recovery, the widening current account surplus and favorable yield differential between China and US. We expect those factors will continue to underpin CNY in 2021.” “Given China’s increasing focus on independence of monetary policy, it will gradually loosen its tight control on currency volatility. This means that China will have higher tolerance for the possible overshoot of CNY in the near-term.” “For the USD/CNY, we think it may test 6.30 in 2021.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD Price Analysis: Poised to retest multi-year tops, around 1.2270-75 area FX Street 2 years The yuan has outperformed in 2020 against both dollar and its major trading partners despite the escalation of US-China tension with CNY has gained more than 6% against the US dollar as of the end of November. Economists at OCBC Bank expect the Chinese yuan to remain supported in the next year. Key quotes “The strong RMB was mainly attributable to three factors including China’s first in first out recovery, the widening current account surplus and favorable yield differential between China and US. We expect those factors will continue to underpin CNY in 2021.” “Given China’s increasing focus on independence… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
