Chinese Yuan: Consolidation after sharper drop against US Dollar – UOB

UOB’s Quek Ser Leang and Lee Sue Ann note that USD/CNH fell more than expected to 6.7766 before rebounding, with the sharp decline seen stabilising and intraday consolidation likely between 6.7780 and 6.7920. For the next 1–3 weeks, they expect range trading between 6.7700 and 6.8100.