Currency weakens as concerns mount over health of world’s second-largest economy
email rounding up the latestChina’s central bank has stepped up defence of its currency as concerns mount over the health of the world’s second-largest economy.follow a series of gloomy economic data releases this week that showed weakening exports and waning consumer confidence.
The gap between expectations and the level set by the PBoC is the largest since the survey began in 2018. “Ideally they’d want to cut rates without renminbi depreciation, but given how strong the dollar is and how high US interest rates are, you can’t do that,” said Hui Shan, chief China economist at Goldman Sachs.
Beijing policymakers have set an economic growth target of 5 per cent this year, the lowest in decades.Shan at Goldman said the central bank still had a number of tools at its disposal to offset downward pressure, including adjustments to limits on dollar lending and borrowing at Chinese lenders.
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