Xinhua, Beijing :
China’s yuan fell for an 11th consecutive day on Friday to its lowest level in eight-and-a-half years.
The central parity rate of the yuan weakened 104 basis points to 6.8796 against the U.S. dollar, according to the China Foreign Exchange Trading System.
China may allow slightly more yuan depreciation ahead of December’s expected Fed rate hike and likely greater currency pressure from the new U.S. government next year, according to a UBS report.
“We expect the yuan to [be at] 6.9 by year-end and 7.2 at end-2017,” the report said.
Li Daokui, an economics professor at Tsinghua University, forecast that the yuan will likely weaken by 3-5 percent in 2017 against the dollar.
China’s yuan fell for an 11th consecutive day on Friday to its lowest level in eight-and-a-half years.
The central parity rate of the yuan weakened 104 basis points to 6.8796 against the U.S. dollar, according to the China Foreign Exchange Trading System.
China may allow slightly more yuan depreciation ahead of December’s expected Fed rate hike and likely greater currency pressure from the new U.S. government next year, according to a UBS report.
“We expect the yuan to [be at] 6.9 by year-end and 7.2 at end-2017,” the report said.
Li Daokui, an economics professor at Tsinghua University, forecast that the yuan will likely weaken by 3-5 percent in 2017 against the dollar.
