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Markets are more balanced, but still skeptical on China, UOB says
The market was too bearish on China and its currency, but is now more balanced, Peter Chia, senior FX strategist at UOB said.
“Right now you’re seeing that the pendulum has shifted from a very negative [stance], to right now, I would say that it’s a little bit more balanced,” he told CNBC, adding that skepticism remains.
Moving forward, the dollar-yuan is likely to be driven by local factors in China rather than by the U.S. Federal Reserve, he said.
He added he remains cautious on the outlook for the Chinese yuan, but that markets should not underestimate the potential of the Chinese consumer.
“I think this will reverberate across the entire region,” he said. “There are a lot of headwinds coming from the Western world, but if played correctly, I think China will be able to offset a lot of these headwinds.”
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MJ23 The Bull : china markets not determined by consumers...
whqqq MJ23 The Bull : Of course, there are many factors driving the Chinese market, and consumers are just one of them
whqqq : So we are cautiously optimistic on the whole?![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
intelligent Ibex_964 whqqq : You can also
MJ23 The Bull whqqq : I think can be optimistic until CNY. The current local ie China signs are that the gov is opening up as if there COVID has disappeared from China. Quite a joke.
whqqq MJ23 The Bull : Okay. Are other countries open because their COVID has disappeared?
whqqq intelligent Ibex_964 : OK but why sir?
MJ23 The Bull whqqq : everywhere the reality is you manage COVID and live with it.