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Yuan set to stay stable as China economy good
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The yuan is set to stay relatively stable as China鈥檚 economy is in good shape although the currencies of some emerging economies may worsen due to their economic and social weakness, analysts said.
鈥淭he biggest challenge for the world economy now is the weakness in the emerging markets,鈥 said Jameel Ahmad, global head of currency strategy and market research at FXTM. 鈥淔rom Turkey, Brazil to Indonesia and India, some countries are suffering from huge current account deficits or in political disorder, which caused a sharp plunge in the value of their currencies.鈥
He said it was hard to predict how deep the current crisis in emerging markets will become or how soon the world economy may see positive signs, but China and some other markets, including Singapore and Malaysia, are less likely to see a big decline due to their sound fiscal and financial position.
Andy Seaman, partner and chief investment officer at Stratton Street, said one key reason currencies in emerging markets have plunged is their cumulative current account position, or net foreign assets.
Seaman sees the currencies of Turkey, Hungary and New Zealand as likely to perform badly while those of Singapore, Switzerland, Japan and China are seen as good performers.
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