Forex Flash: China forecasts adjusted lower; rate cutting cycle over - Standard Chartered

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FXstreet.com (Barcelona) - Standard Chartered has just published a note to clients revising the 2012 and 2013 forecasts GDP for China, now looking at 7.8% growth in 2013, and a better H2 than H1; "We lower our GDP growth forecasts for 2012 and 2013 to 7.7% and 7.8%, respectively (from 8.1% and 8.7%), expecting clearer signs of the start of a moderate recovery to emerge in Q4-2012 and early 2013." Furthermore, they, now believe "the interest rate cutting cycle has ended and expect the next move to be up, in late 2013." Looking at the CNY, the bank thinks "it should remain stable against the USD in 2012, but appreciate mildly as the trade surplus revives in 2013-14." Standard Chartered forecasts USD-CNY at 6.19 at end-2013, 6.00 at end-2014.



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This article appears in: Investing , Forex and Currencies

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