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The People’s Bank of China will continue to defend the RMB exchange rate by adjusting the daily central parity rate
USD/CNY is likely to continue trading in a range between 7.10 and 7.20.
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On the one hand, the yuan’s weakness will persist until recent stimulus policies take effect and economic growth picks up, albeit at a modest pace.
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On the other hand, the People’s Bank of China will continue to protect the yuan by adjusting the daily central parity rate, and may introduce other measures to smooth short-term volatility if necessary.
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