USD/CNH renews 26-month high around 7.0500 as pre-Fed jitters intensify – by anilpanchal7 USDCNY PBOC Fed RiskAppetite Coronavirus
y. In doing so, the offshore Chinese Yuan pair takes the bids to poke the July 2020 high during the three-day uptrend, close to 7.0450 at the latest.
Also, Reuters reported that the Asian Development Bank on Wednesday cut its growth forecasts for developing Asia for 2022 and 2023 amid mounting risks from increased central bank monetary tightening, the fallout from the war in Ukraine and COVID-19 lockdowns in China. That said, the ADP trims China’s growth forecasts to 3.3% this year, versus the previously trimmed forecast of 4.0% from 5.0% in April.
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