Global Macro Service > Research Briefings > China

Why RMB appreciation is unlikely to continue apace

The significant strengthening of the RMB for most of 2020 and this year is unlikely to persist through the rest of 2021 and into 2022, in our view. We think that the market pressures that have driven appreciation will be less strong, and with the economic circumstances having changed, we think policymakers will want to avoid any hefty appreciation.

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