More renminbi appreciation expected
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Banks are predicting further appreciation in the renminbi following the long-awaited shift in the currency announced in late July.
Frank Gong, JP Morgan's Hong Kong-based chief economist for China, says the bank is looking for a total 7% appreciation in the Chinese currency unit against the US dollar by the end of the year, and 15% by the end of 2006. Deutsche Bank has put its 12-month renminbi appreciation target at 7.7 to the dollar – 5% more than the revalued renminbi rate of 8.11. The
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