Bric currencies dependent on Chinese policy on renminbi, says L&G strategist
Investor interest in the currencies of Brazil, Russia, India and China (Bric) will depend on China allowing the appreciation of renminbi, but that might not happen in the near term, according to strategists at Legal & General Investment Management.
"We are not expecting a massive capitulation from the Chinese – unfortunately this affects all the other Bric currencies because they do look at China as their main competitor. If China is not letting renminbi appreciate hugely, they will probably
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