If it ends 2023 at 6.5, the yuan will be up 6.15 percent for the year, the best gains since 2020.
The International Monetary Fund has revised China’s growth outlook sharply higher for 2023 to 5.2 percent, from 4.4 percent it forecast in October. “While asset markets have already priced in a meaningful improvement, we expect reopening to continue to lift Chinese asset prices, with the most upside in equities and credit,” analysts at Goldman Sachs said in a note.Persistent capital inflows into China’s A shares – stocks of Chinese companies that trade on domestic exchanges – are also supporting the yuan, and Citic Securities expects foreigners to purchase 200 billion to 300 billion yuan worth of Chinese stocks this year.
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