With outflows replacing inflows and additional risk factors, Morgan Stanley analysts believe the Chinese renminbi will depreciate against the USD on a fundamentals basis, and any tactical stabilization of the RMB should likely be short-lived.
Chetan Ahya and team at Morgan Stanley in their January 11, 2016 research note titled: “RMB Regime Change: Part 2” continue to recommend avoiding old economy China names and HK-listed China banks.
RMB to move to greater depreciation path from 3Q16 on
Ahya and colleagues note that on August 11, 2015, policy makers took up a shift to a new currency management regime, from managing the...
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