Yuan to strengthen against the USD when growth optimism returns – HSBC China Growth Banks
USD/CNY broke above the 6.90 handle. Economists at HSBC expect the Yuan to strengthen against the Dollar when“Although geopolitical tensions may not dissipate any time soon, we think the start of the National People's Congress on 5 March 2023, together withreleases , could ensure growth optimism returns, which should help shore up the CNY.”
“High-frequency data in February point to a continued recovery in intra-city traffic and industrial production. Home prices in big cities have also shown signs of a rebound. For the upcoming NPC, we expect the government to announce a GDP growth target of ‘above 5%’ and a larger budget deficit of 3.2% . This should reassure investors that a pro-growth mind-set will remain at the fore, probably supporting the Yuan.
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