Nomura looking for USD/yuan to 7.5 by the end of November<p>There is resistance to overcome around 7.35.<a href="https://www.forexlive.com/centralbank/yuan-is-dropping-like-a-rock-but-wariness-persists-of-state-bank-intervention-circa-735-20221101/" target="_blank"> I posted yesterday on likely state bank intervention </a>at that level.</p><p>So far, so good:</p><p>Nomura forecast 7.5 by end-November. Analysts at the bank also warn of PBOC intervention. Nomura say that intervention from the State Administration of Foreign Exchange is unlikely, it'll be conducted via state-owned commercial banks. State owned banks are estimated to have around USD630bn in foreign exchange holdings to help fund such action. '</p>
This article was written by Eamonn Sheridan at forexlive.com.
Source: Nomura looking for USD/yuan to 7.5 by the end of November (https://forexlive.com/centralbank/nomura-looking-for-usdyuan-to-75-by-the-end-of-november-20221102/https://forexlive.com/centralbank/nomura-looking-for-usdyuan-to-75-by-the-end-of-november-20221102/)
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