| OCBC has forecast a weaker Chinese currency by year-end, saying that the country's new focus on a basket-valuation of the yuan had been effective. OCBC economist Tommy Xie told CNBC's "The Rundown" that the bank expected "mild depreciation" in the Chinese currency, largely due to a stronger dollar on the back of expected monetary tightening from the U.S. Federal Reserve.
The value of the currency has a talking point in recent days, with U.S. Treasury Secretary Jack Lew saying on Sunday that a market-driven yuan would benefit Chinese consumers' purchasing power...............................................Full Article: Source
|