Further CNY Depreciation To Hit Other Currencies: Barclays

China’s new FX regime could further depreciate the CNY from the 3% move witnessed so far, which would have ramifications for other currencies, believes Barclays analysts. Dennis Tan and team at Barclays’ Foreign Exchange Research Team said in their August 23 research note titled: “FX Thoughts for the Week Ahead” that they anticipate that the USDCNY will end this year at 6.8. CNY depreciation would hit commodity currencies Tan and team note that two weeks after the PBoC decision to allow more market determination in CNY fixing, potential impacts of newly arisen China risks on other currencies are increasingly in focus. The…