BofA Predicts USD/CNY Rise, Adjusts Asian Currency Outlook

Bank of America (BofA) has forecasted a rise in the USD/CNY exchange rate, projecting a peak of 7.45 by the third quarter of 2024. This outlook is attributed to persistent rate differentials and unbalanced policy measures. BofA has also revised its stance on various Asian currencies. The bank has turned bearish on the Korean won (KRW), neutral on the Indian rupee (INR), and remained neutral on several other Asian currencies, including the Hong Kong dollar (HKD), Indonesian rupiah (IDR), and Singapore dollar (SGD). This cautious approach reflects the strength of the US dollar and its potential impact on exchange rates and regional economic dynamics.

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