As the result of weaker-than-expected economic reports for the last 2 months, 3 major investment banks downgraded their forecasts for the Chinese economic growth in 2014.
At the same time, today’s analytic note reads that Bank of America Merrill Lynch also decided to change its predictions concerning the future of the GDP growth in China. It downgraded the forecast from 7.6% down to 7.2%. UBS and JP Morgan downgraded their forecasts 7.8% to 7.5%. and 7,2% to 7,4% respectively.
Meanwhile, Masterforex-V Academy analyzed the chart of USDCNY to find out that the currency pair is currently rallying against the recent prolonged decline, which means that the Renminbi is strengthening against the US Dollar. At this point, the price has already come close to a major MF pivot, which is located at 6,2325, Masterforex-V Academy experts report. The next major level of resistance is 6,2980.
