FXStreet (Guatemala) – Analysts at Westpac noted that the US Treasury’s semi-annual FX report included a view that CNY is “below” medium term valuation rather than “significantly undervalued” as of the April report.
Key Quotes:
“Overall then, the US Treasury report concedes that CNY is less obviously overvalued than in April but is reserving judgement on the PBoC’s new approach to the daily USD/CNY fixing. The US remains unhappy about the lack of transparency on FX intervention in China, Korea and Taiwan but sounds more concerned about the latter two”
(Market News Provided by FXstreet)