BENGALURU The Chinese yuan and Indian rupee are expected to shed some of this year's gains and weaken slightly against the dollar over the coming 12 months if the U. Federal Reserve raises interest rates further as expected, a Reuters poll showed. The currency has gained nearly 2 percent so far this year, with half of that coming just in the poll month.
The move comes on the heels of faster-than-expected growth of 6. But that was largely reliant on fiscal stimulus - the country's total social financing reached a record 6. Another reason for concern is Moody's Investors' Service decision to cut China's credit rating for the first time in nearly 30 years, with debt continuing to rise. The yuan is forecast to weaken to 7. China said on Friday it was introducing an unspecified "counter-cyclical factor", intended to discourage speculation and persistent depreciation pressure, though the currency had been largely stable earlier in the year as the dollar floundered.
The latest poll predictions were similar to last month's and based on similar Fed rate expectations for two more rate incrases this year. While the Fed is widely expected to raise rates in June, which would be broadly supportive for the dollar, the currency has been whipsawed in recent weeks as hopes about the U. This is assumed to take place against the backdrop of moderately higher U. Official poll on Wednesday showed India's economic growth unexpectedly slowed to its weakest in more than forex years in the first three months ofstripping the country of its status as the world's fastest forex major economy.
Still, the Reserve Bank of India is expected to stand pat when it meets on June 7, but carrying a less hawkish tone according to Reuters poll published this week. LONDON Britain reuters a seamless Brexit transition to support jobs and investment by ensuring a new customs arrangement with the European Union that avoids bureaucratic delays to trade, finance minister Philip Hammond said on Sunday.
HONG KONG Forex flood of Chinese bankers is changing the social fabric of Hong Kong, as they rapidly expand their footprint in one of the world's premier forex centers, even as Beijing struggles to tame the former British colony politically. Reuters is the news and media division of Thomson Reuters. Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.
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Health Sports Arts Entertainment Oddly Enough. Pictures Home The Wider Image Poll Focus Chinese yuan, Indian rupee seen weakening over coming reuters Business News Thu Jun 1, 1: Chinese yuan banknotes are seen in this picture illustration taken in Beijing July 11, A cashier displays the new Indian rupee banknotes inside a bank in Jammu, November 15, reuters By Krishna Eluri BENGALURU.
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