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SDR ambitions may lead to 5% yuan devaluation, says J. Safra Sarasin

China’s aim to get the yuan into the basket of Special Drawing Rights (SDR) currencies is a crucial motivation for weakening the currency, says the pure play private bank, which has capped short-term devaluation at 5%. China, it adds, will be careful not to trigger a currency war. The bank has set its USDCNY forecasts at 6.60, 6.50, 6.40 and 6.37…

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