Here Are the Winners and Losers From China’s Surging Yuan

Bloomberg2021-06-02

H shares, property developers to see advantages in yuan gain Exporters that rely on price edge will face squeeze: analysts Sign up for Next China, a weekly email on where the nation stands now and ...

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精彩评论

FrederickL
2021-06-02
FrederickL
Great piece
AnT
2021-06-02
AnT
Great article to read indeed
Zhengxi
2021-06-02
Zhengxi
Like and comment pls
Lapicheeks
2021-06-02
Lapicheeks
👌👌👌👌
yong9900
2021-06-02
yong9900
,💪💪💪
TeslaLegend
2021-06-02
TeslaLegend
I’m buying the dip 🤟Please like and comment!

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The correlation between China’s benchmark CSI 300 Index and the onshore yuan’s strength is near the highest in seven months, while the Hang Seng Index is also most-linked to the currency’s movements since February, data compiled by Bloomberg show. But not every share is a beneficiary.\nLikely winners include companies that can take advantage of currency dichotomies, including Chinese property developers with sizable dollar debt and companies that generate most revenue in the mainland but are Hong Kong-listed, according to analysts.\nOn the flip side of the currency equation are exporters, whose products will be less price-competitive when sold in foreign markets.\nThe Chinese yuan has surged 12% against the dollar since May 2020, with the rally accelerating recently amid inflation concerns and the greenback’s weakness. Some investors expect the yuan rally continuing, despite the central bank taking a visiblemeasureto stem gains.\n“The central bank’s intervention will only slow down the pace of appreciation, not the direction of the appreciation,” said Jackson Wong, an asset management director at Amber Hill Capital Ltd. “A rising Chinese currency historically has a positive correlation with both mainland and Hong Kong benchmark indexes, though some sectors will suffer.”\nWho wins:\n\nDollar-debt borrowers: Companies to benefit most directly will be those that generate revenue in yuan while borrowing in foreign currencies, as debt is reduced. According toBloomberg data, about 24% of the total outstanding dollar-denominated bonds issued by all Chinese companies are from developers.\nHong Kong-listed Chinese companies, or H shares: A stronger yuan bodes well for the H shares, as well as valuations and foreign inflows, said CICC analysts including Hanfeng Wang. While some investors may worry that a strong yuan could discourage southbound inflows because of potential foreign-exchange losses, historical experience suggests those inflows are positively correlated with the yuan, as a stronger yuan usually suggests better growth prospect for Chinese assets, Wang said.\nConsumer companies: A rising currency enhances purchasing power and consumer confidence, which benefits the consumer sector, said Yang Delong, chief economist at First Seafront Fund Management.\n\nWho loses:\n\nLabor-intensive exporters: Manufacturers such astoy makers, which rely on cheap prices to attract customers and generate most revenue overseas, may take a blow from a stronger yuan, Zheng Jiawei, analyst at East Asia Qianhai Securities, wrote in a research report.\nForeign-asset owners: Textile manufacturers and machinery companies will suffer, as they tend to have large proportions of assets denominated in foreign currencies, said Cliff Zhao, head of research at CCB International.\n\n— With assistance by Jeanny Yu, and Amy Li","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":113670492,"gmtCreate":1622614710616,"gmtModify":1634099910009,"author":{"id":"3582151718585472","authorId":"3582151718585472","name":"FrederickL","avatar":"https://static.tigerbbs.com/21ae0da315b7fd514ea9d30bfa0d125a","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3582151718585472","authorIdStr":"3582151718585472"},"htmlText":"Great piece&nbsp;","listText":"Great piece&nbsp;","text":"Great 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indeed","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/113666066","repostId":1199569503,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":113684357,"gmtCreate":1622610877979,"gmtModify":1634099939864,"author":{"id":"3578560722862530","authorId":"3578560722862530","name":"Zhengxi","avatar":"https://static.tigerbbs.com/b7376c500aadcdbb577b9a6da13c0d41","vip":1,"crmLevel":8,"crmLevelSwitch":0,"idStr":"3578560722862530","authorIdStr":"3578560722862530"},"htmlText":"Like and comment pls&nbsp;","listText":"Like and comment pls&nbsp;","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/113684357","repostId":1199569503,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":113638652,"gmtCreate":1622608841376,"gmtModify":1634099959526,"author":{"id":"3575264581254782","authorId":"3575264581254782","name":"Lapicheeks","avatar":"https://static.tigerbbs.com/76454d50a63c9120a7a7802595ac3a6a","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3575264581254782","authorIdStr":"3575264581254782"},"htmlText":"👌👌👌👌","listText":"👌👌👌👌","text":"👌👌👌👌","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/113638652","repostId":1199569503,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":113875852,"gmtCreate":1622607059076,"gmtModify":1631892121443,"author":{"id":"3581563798792598","authorId":"3581563798792598","name":"yong9900","avatar":"https://static.tigerbbs.com/6bfaed196ec3900a42d2273573aefc17","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581563798792598","authorIdStr":"3581563798792598"},"htmlText":",💪💪💪","listText":",💪💪💪","text":",💪💪💪","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/113875852","repostId":1199569503,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":113845516,"gmtCreate":1622606295535,"gmtModify":1634099984354,"author":{"id":"3572489627147183","authorId":"3572489627147183","name":"TeslaLegend","avatar":"https://static.tigerbbs.com/180ad6f06095bcbf2b6594d26c494752","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3572489627147183","authorIdStr":"3572489627147183"},"htmlText":"I’m buying the dip 🤟Please like and comment!","listText":"I’m buying the dip 🤟Please like and comment!","text":"I’m buying the dip 🤟Please like and comment!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/113845516","repostId":1199569503,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":71,"commentSize":20,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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