We revise year end forecast of USDCNY to 7.1,7.6 and 7.9 in 2017,2018 and 2019 respectively(7.4,8.1 and 8.1 before revision).The implied RMB depreciation against the CFETS basket will be around 1.7%,4.2%,and 5.6% in these years.
20170614-DEUTSCHE_BANK-CHINA:REVISING_RMB_FORECAST-465571.pdf
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