USD/CNH set to reach the 7.35 level – Credit Suisse USDCNY China Banks
“We think exports and the CFETS Index will weaken due to low US/Europe demand. As such, we re-entered long USD/CNH with a target of 7.35, and“For the 20th Communist Party Congress, we expect the new cabinet to continue avoiding ‘floodstyle’ stimulus. Similarly, lifting covid restrictions will only be done gradually, in 2023 at the earliest.”
“We expect President Xi’s policies of covid restrictions and ‘housing is for living, not for speculating’ to continue. That means consumption and investment activity will likely remain weak in Q4.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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