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Economics not firm enough to support currency


10-22-2016 00:25 BJT

The yuan has lost almost half of a percent against the greenback so far this week, and is set for a third straight weekly loss. 

The Chinese currency has been under pressure as the world's second-largest economy has not shown clearer signs of a recovery yet. Local companies also need dollars to repay foreign debts and to invest overseas.

Analysts say weak exports are benefitting from a weaker yuan. But they say that capital outflows are putting policy moves on hold.

The forecasts we've heard so far suggest that the yuan will weaken gradually in the rest of the year from fundamental issues unless there is a huge surprise in the economic climate both in China and the globe. For offshore yuan, the consensus is 6.8 yuan per dollar going forward.

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