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PBoC expected to keep things loose, says UBS

Uncertainties from the stock market selloff and weakening growth in July will likely lead Chinese policymakers to maintain fiscal loosening, says UBS. Consequently, it is revising upwards its 12-month USDCNY forecast to 6.60, while amending downwards its MSCI China earnings growth forecast to a high single-digit range. After last Tuesday’s surprise move to devalue the yuan against the greenback by 1.9%…

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