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USD/CNY likely to fluctuate in range of 6.70-6.80 currently with downside potential, says Scotiabank

The USD/CNY currency pair is expected to fluctuate in a range of 6.70-6.80 at the moment, with a downside potential. Further, a sharp yuan depreciation does not seem to be in the Chinese authorities’ interest this year that is the 70th anniversary of the founding of the PRC, according to the latest research report from Scotiabank.

China will step up measures to spur economic growth amid a slowdown. The nation’s outstanding total social financing growth remained weak in December, while M2 money supply growth increased somewhat to 8.1 percent y/y.

Zhu Hexin, Deputy Governor of the PBoC, Xu Hongcai, assistant minister of the MoF and Lian Weiliang, vice-chairman of the NDRC briefed reporters in Beijing at a news conference organized by the State Council Information Office on Tuesday, the report added.

Also, PBoC Deputy Governor Zhu Hexin said that a prudent monetary policy does not mean that there would be no changes and existing monetary policy measures should be improved when asked if the central bank should cut benchmark interest rates.

"We maintain our short USD/CNH positon with a target of 6.70 amid China’s pro-growth policies," Scotiabank commented in the report.

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