Fall of Chinese Currency to USD Shows 'Abandoned Hopes' For Trade Deal: Analyst [TheStreet.com]
BANK OF CHINA UNSP/ADR (BACHY)
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Source: TheStreet.com
Fall of Chinese Currency to USD Shows 'Abandoned Hopes' For Trade Deal: Analyst The weakened Chinese currency to the U.S. dollar on late Sunday shows that the world's second largest economy's leaders "have all but abandoned hopes for a trade deal with the U.S.," wrote Julian Evans-Pritchard, a senior China economist with Capital Economics. The renminbi weakened to past 7 to the dollar for the first time since the world's financial crisis in 2008 on late Sunday time ET, or earlier morning in Asia. While the People's Bank of China officials "had repeatedly argued that this level is arbitrary, they had previously intervened to prevent the currency from breaching this threshold, no doubt mindful of the headlines it would attract," wrote Evans-Pritchard in the note, adding that "we think they were holding back in order to avoid derailing trade negotiations with the US. The fact that they have now stopped defending 7.00 against the dollar suggests that they have all but abandoned hopes for
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