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JPMorgan sees yuan up 10%
JPMorgan Asset Management expects the Chinese yuan to rise by at least 10% over the long term, based on its inflation- and trade-adjusted real effective exchange rate. It sees Beijing’s efforts to internationalize the currency as supporting further gains. The offshore yuan has risen about 5% against the dollar this year, reaching its highest level since 2022, supported by strong exports and goods-trade flows. It has since held near 6.66 yuan to the dollar. The bank favors yuan-denominated bonds, particularly 30-year sovereign bonds. Yields on Chinese government bonds range from 1.61% to above 2% for maturities of 10 to 30 years.
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