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Get Ready For China's August Reserves Number - Goldman Sachs
Following the RMB devaluation some weeks ago, markets have been erratic, fearful that the initial move was the beginning of a larger devaluation cycle that could disrupt global markets. Goldman Sachs doesn't believe this, in part because they think the RMB is close to their estimate of 'fair value', so that the rationale for a bigger weakening does not look strong to GS. "That said, markets remain sceptical and are looking to August FX reserves, which will be published overnight (New York time) Sunday to Monday. Consensus (according to data collated by Bloomberg) expects total foreign exchange reserves to fall to ... (full story)
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