Offshore Yuan Seen Tumbling to New Low Against Dollar in China Selloff
(Bloomberg) — Global investors have little confidence that China will succeed in shoring up its financial markets, predicting that mounting economic stress will drive the yuan’s offshore exchange rate to historic lows.
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The yuan traded internationally is seen depreciating to 7.6 per dollar before the end of the year, according to the median estimate by 455 respondents in the latest Markets Live Pulse survey. That implies a drop of 4% from Friday’s close of 7.29 and…