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Bloomberg
From Washington to Rome, the world faces a gauntlet of political risks in the months ahead, and that could mean a looming headache for policy makers in China, according to CLSA Ltd.
A fresh blast of market stress could push the Asian country’s currency past levels against the US dollar at which officials have previously been forced to intervene, reckons Chris Wood, chief equity strategist at the brokerage and investment firm.
As Americans prepare for mid-term elections and a budget battle rages in Italy, potential catalysts aren’t hard to find.
“All it takes is for Italy to blow up again and the euro would get weaker, and they’ll be at seven in five minutes,†Wood said at a media roundtable in Hong Kong, referring to the US dollar-yuan exchange rate.
The yuan was trading offshore at 6.8461 in Tokyo time on Friday.