U.S.-China trade optimism to help yuan overcome concerns over weakening economy: Reuters poll

BENGALURU - The Chinese yuan will hold on to its recent gains against the dollar, and likely make a modest push forward from current levels over the coming year, as optimism about a U.S.-China trade deal offsets anxiety over weak domestic economic growth, a Reuters poll showed.

That rebound was largely driven by progress in trade talks between Washington and Beijing and the People’s Bank of China setting consistently higher mid-point reference rates. “There will be a currency component in any ultimate U.S.-China trade deal and FX markets initially took that to mean USD/CNY has become a one-way bet - stronger yuan. But too strong a yuan may also make for awkward future currency diplomacy,” Tan said.The dollar’s outlook darkened after the Federal Reserve last month abandoned projections for further interest rate hikes this year on signs of an economic slowdown.

So there's not yet a need for the world economy to write a 'Dear Yuan' letter?

Mar-A-Lago must be swimming with Chinese spies.

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