“You are too pessimistic about China,” an audience of global portfolio managers were told after estimating the renminbi would depreciate 3%-5%, or more, against the US dollar over the next 12 months.
The comment came from David Li Daokui, director at the Center for China in the World Economy, part of Tsinghua University, and a former member of the monetary policy committee at the People’s Bank of China.
Li’s address at Credit Suisse’s annual Asian investor conference in Hong Kong followed a series of votes taken by the 500-plus fund managers from around the world, who had just expressed a lack of confidence in the currency, and...
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