CNY: Stability ahead of national congress – ANZ

Analysts at ANZ suggest that after a U-turn from exceptional strength to modest easing, they expect CNY to trade more steadily in the month ahead as the 19th National Congress starts on 18 October.

Key Quotes

“We expect the PBoC to remain proactive in managing the CNY, using the daily USD/CNY fix as a key instrument to guide the market.”

“We expect USD/CNY to trade in the range of 6.50– 6.70 in the near term before ending the year at 6.65.”