Chinese yuan has room to weaken further in the near-term, Goldman Sachs says
There’s still room for the Chinese yuan to weaken further, economists at Goldman Sachs said after both the onshore and offshore yuan fell to their lowest levels since July 2020 last week.
“We expect CNY weakness to persist in the near-term, underpinned partly by broad USD strength,” strategists said in a note, adding the next key level to watch is 7.20, which was last tested in May 2020.
Such a move, however, will come in tandem with a “sizable” strengthening the U.S. dollar, they said in the note, adding “CNY is unlikely to weaken by 3% in isolation.”
—Jihye Lee
CNBC Pro: Buy these inflation-beating funds to protect your money, strategist says
As inflation remains stubbornly high, where can investors hide out given that U.S. stocks and bonds alike have been volatile?
There are three types of funds that look appealing right now, according to Mark Jolley, global strategist at CCB International Securities. He named his favorites in each category.
CNBC Pro subscribers can read more here.
— Weizhen Tan