NEWS： The recent rise of RMB due to the progress of trade
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Rumors that China and the United States may sign a preliminary trade agreement pushed the yuan to a two-and-a-half-month high on Tuesday, despite weak domestic data and the people's Bank of China cutting MLF rates for the first time since the beginning of 2016.
The yuan broke through a key 7 level on Tuesday to 6.9876, its strongest since August 2.
But most of the analysts interviewed on November 1-6 warned that without a broader trade agreement and without the US lifting tariffs on Chinese goods, the recent strength of the yuan would not be sustainable.
The Sino US trade dispute has hurt China's economy. The latest official figures show that GDP growth slowed to its slowest rate in nearly 30 years in the third quarter as fierce trade wars hit industrial production.
"This [strengthening] does not mean that the renminbi will remain below seven for some time," said saktiandi supaat, head of foreign exchange research at the Bank of Malaya in Singapore.
"After the signing of the agreement, the focus will turn back to the reality of weak growth momentum, coupled with the realization that it may be more difficult to reach an agreement in the subsequent stage, or it will restrain the rise of the RMB and bring it back to more than seven trading levels."
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