Independent Strategy

Tweaking the renminbi glide path

China’s foreign exchange policy is evolving. The current offshore renminbi short squeeze and the exchange control measures introduced recently seek to make the renminbi a two-way bet, aiming to slow capital outflows. The pace of decline of the renminbi this year (both onshore CNY & offshore CNH) will also be slowed and, for as long as the Trump reflation rally continues, happen principally against the US dollar.

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