China bulls, watch out.
Forwards markets are once again flashing bearish signs for the renminbi. For the first time since mid-January, non-deliverable forwards are pricing in zero appreciation of the Chinese currency against the US dollar over the coming year.
That contrasts starkly with the expectations of most investment bank economists, who forecast that the renminbi will rise about 3 per cent against the dollar over the next 12 months.
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