Insights

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The effective exchange rate of the renminbi Investment Insights • Infocus

The effective exchange rate of the renminbi

EFG Chief Economist Stefan Gerlach looks at the drivers of the trade-weighted nominal exchange rate of the renminbi. He argues that it evolves over time in response to the difference between inflation in China relative to its trading partners and real economic activity in China. With real GDP, at best, forecast to grow in line with its trend – albeit with considerable downside risk – and with inflation likely to remain below that of its main trading partners, the outlook is for continued renminbi weakness.

Stefan Gerlach

6 min read
The Monetary Authority of Singapore leaves policy unchanged Investment Insights • MFN

The Monetary Authority of Singapore leaves policy unchanged

As widely expected, at its meeting on 29 January, the Monetary Authority of Singapore (MAS) decided to leave policy unchanged for the third straight time. Policy will thus continue to aim for a gradual strengthening of the Singapore dollar to reduce import prices and lower inflation. In this Macro Flash Note, EFG chief economist Stefan Gerlach looks at economic conditions in Singapore and MAS policy.

Stefan Gerlach

3 min read

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