A gauge of emerging Asian equities and currencies declined on Wednesday, as investors awaited US inflation data for insights on the Federal Reserve's rate cut and policy cues from China's annual economic meeting.
CHINA's top leaders and policymakers are considering allowing the yuan to weaken in 2025 as they brace for higher U.S. trade tariffs in a second Donald Trump presidency.
Reuters spoke to three people who have knowledge of the discussions about letting the yuan depreciate but requested anonymity because they are not authorized to speak publicly about the matter. While the central bank is unlikely to say it will no longer uphold the currency, it will emphasize allowing the markets more power in deciding the yuan's value, a second source with knowledge of the matter said.
In a paper published by leading thinktank China Finance 40 Forum last week, analysts suggested China should temporarily switch from anchoring the yuan to the U.S dollar to linking it instead to the value of a basket of non-dollar currencies, particularly the euro, to ensure the exchange rate is flexible during a period of trade tensions.
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