Goldman Sachs says to short Chinese yuan ahead of the G20 meeting next week

GS note CNH, and
other Asian currencies, strength approaching the G20 meeting next week (June 28
and 29), and are looking to short CNH.

Citing that even if
there is some sort of easing in trade tensions at the G20 they will not
disappear entirely:

  • likely to “ebb and flow”
  • still see additional
    tariffs as “more likely than not”

GS also say yen
looks attractive still (Fed rate cuts, signs of slower US economic
growth to chip away at USD strength). 

Yuan had a good one last week, following the PBOC holding it fairly steady since mid-May  despite market expectations it would fall:


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