Renminbi to weaken further as US tariffs bite – City Index

Trade tensions and rising US interest rates will pressure renminbi and EM currencies

Dollar/renminbi
Fractured relations: City Index expects the renminbi to depreciate against the greenback over the next year

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The renminbi will continue to depreciate against the dollar for the foreseeable future, as trade tensions with the US have already led to a slowdown in China’s manufacturing and service sector, says Kelvin Wong, chief technical strategist for Asia at City Index.

In September, the headline Purchasing Managers’ Index fell to the neutral level of 50.0, its lowest in 16 months – a hint that trade frictions are being felt in China’s economy.

As these tensions show

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