Banking
HSBC’s Currency Expert Says Speed of Yuan Drop Is Frightening
David Bloom, global head of currency strategy at HSBC Holdings Plc, talks about the yuan and Federal Reserve policy
David Bloom, global head of currency strategy at HSBC Holdings Plc, talks about the yuan and Federal Reserve policy. He speaks with Angie Lau on Bloomberg Television’s “First Up.”
The yuan, which is traded freely in Hong Kong, fell as much as 0.64% to 6.6071 Thursday in the offshore market.
“It is the speed of the move that is frightening, not the direction”, commented David Bloom.
Traders said they noticed large, state-owned Chinese banks selling dollars and buying yuan through the day Wednesday to keep the offshore yuan’s level at par with that of the onshore yuan.
The moves highlight Beijing’s continued struggles to tame the freely traded offshore yuan and guide investor expectations on how far the yuan could fall. In recent weeks, analysts have lowered their forecasts for where the yuan will trade against the U.S. dollar this year.
Economics
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.
(more…)Banking
S&P maintains Thailand’s credit rating at BBB+ with stable outlook
Standard and Poor’s (S&P) maintained Thailand’s credit rating at BBB+ . The global rating firm expects the country’s gross domestic product (GDP) to grow at 1.1% this year, with a more optimistic growth at 3.6% per year from 2022 to 2024.
Standard and Poor’s (S&P) maintained Thailand’s credit rating at BBB+ . The global rating firm expects the country’s gross domestic product (GDP) to grow at 1.1% this year, with a more optimistic growth at 3.6% per year from 2022 to 2024.
(more…)
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