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Goldman Sachs sees Chinese yuan firming to 6.30 over next 12 months

11/09/2020 | 03:10am EST
Chinese Yuan and U.S. dollar banknotes are seen in this illustration

LONDON (Reuters) - Goldman Sachs has upped its 12-month forecast on the Chinese yuan and the euro, predicting both currencies to appreciate against the dollar after Joe Biden's win in the U.S. election.

The yuan has risen more than 4% against the dollar in the last three months on expectations of a Biden win.

The U.S. investment bank expects President-elect Biden to take a "different approach to U.S.-China relations", which have soured under Donald Trump's presidency.

In a note received late on Sunday, Goldman analysts predicted the nominal trade-weighted dollar depreciating 6% over the coming year. They also see the euro strengthening to $1.25 and the Japanese yen approaching 100 during that period.

(Reporting by Thyagaraju Adinarayan; editing by Sujata Rao)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
THE GOLDMAN SACHS GROUP, INC. 0.01% 289.39 Delayed Quote.9.73%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.00% 6.4845 Delayed Quote.-0.49%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) 0.00% 6.481 Delayed Quote.-0.97%
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