CNY basket stable since July, but down this year - AmpGFX

Greg Gibbs, Director at Amplifying Global FX Capital, suggests that while the CNY depreciation has accelerated recently, the CFETS basket has been relatively stable since July.

Key Quotes

“However, it is also true that through the first half of this year, the Chinese government allowed a steady depreciation of the CNY CFETS basket.  This suggests that they have allowed the CNY to weaken to help support economic growth.  The CNY CFETS basket is down around 6.6% this year, more than CNY against the USD, down around 3.2%.”