摘要
Market expectation on the RMB has reversed and depreciation expectations are gaining traction. I think the RMB- dollar cross will remain stable over the next i2 months, but both the RMB and the dollar will likely depreciate against other currencies during the course of this year. In i998, the RMB-dollar peg played a stabilizing role, though they appreciated against other currencies. In 2009, the peg will again play a stabilizing role, though this time they will depreciate together.
