Ella 
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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.
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.
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.
