The offshore yuan was slightly weaker around 6.47 per USD on Friday as concerns over a possible Evergrande default lingered. The property giant did not pay $83.5 million in bond interest to its offshore bondholders on Thursday and investors are still waiting for a clarification. The company still has a 30-day grace period and will default if that passes without payment. Meanwhile, another big cash injection from the PBoC offered investors some support that the authorities will help to contain a default.
Historically, the Chinese Yuan reached an all time high of 8.73 in January of 1994. Chinese Yuan - data, forecasts, historical chart - was last updated on September of 2021.
The Chinese Yuan is expected to trade at 6.49 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 6.56 in 12 months time.