0208 GMT - Trump's unpredictability could see Beijing support broad-based stability in the yuan more actively and temper undue volatility, DBS strategist Chang Wei Liang says after the president-elect pledged tariffs on China, Canada and Mexico. On a trade-weighted basis, Chang notes that the currency has seen little change since Trump's election victory earlier this month. The Chinese central bank is leaning against CNY depreciation expectations by setting a series of strong USD/CNY fixings at around 7.19, more than 500 pips away from spot market levels, Chang says. Given DBS economists' assessment that proposed U.S. tariffs on Chinese goods pose no more than a 1% drag on economic growth, it thinks any CNY adjustment in response will also likely be quite small. (fabiana.negrinochoa@wsj.com)
(END) Dow Jones Newswires
November 25, 2024 21:08 ET (02:08 GMT)
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