SINGAPORE: Pacific Investment Management Co (Pimco) said the yuan is poised to weaken another 7%, after the central bank devalued the currency in August in a move that sent emerging-market assets tumbling.
The People’s Bank of China (PBoC) will also cut deposit rates in the nation by 75 basis points and reduce the required reserve ratio for banks by 200 basis points, according to Pimco.
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