Wells Fargo: yuan to weaken amid dim prospects for trade deal

PBoC will allow more yuan depreciation, as new tariffs kick in and growth expected to slow further in 2020

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The Chinese yuan will fall further against the US dollar, as prospects for a trade deal remain dim, says Wells Fargo.

China’s central bank is set to allow for more yuan depreciation in the coming months, as new tariffs are due to be introduced in December and growth in the economy is expected to slow below 6% in 2020. 

“We remain of the view that trade tensions will not materially improve over the next few months, and in fact get worse,” says Brendan McKenna, a

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