Other banks including Goldman Sachs, Union Bancaire Privee, Westpac, ING and SEB have revised their yuan forecasts, favouring it to strengthen.
Strategists at Citi said they were positioning in both outright trades in the offshore yuan and via options to target the yuan hitting 6.80 in two months. "Dual circulation is a medium-term aspiration on economic structure," said Frances Cheung, head of macro strategy for Asia at Westpac."Still, one may argue that focusing on domestic activities means less concern over exports' competitiveness and, as such, at times when the dollar is weak, there is more room for the yuan to appreciate," she said.
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