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Yuan may weaken to 6.8 vs dollar on trade tensions - UBS wealth mgmt

Reuters

LONDON, July 11 (Reuters) - The Chinese yuan could weaken to 6.8 yuan per dollar or lower on deepening U.S.-China trade tensions, UBS Global Wealth Management said on Wednesday.

The yuan fell to a near-11 month low of 6.7035 after President Donald Trump's administration said it would slap tariffs on another $200 billion of Chinese imports.

"Once these tariffs are enforced, a subsequent chain of counterretaliations could unfold," UBS said in a note.

The wealth manager however said it did not expect the yuan to depreciate much further and that it should strengthen later this year.

It adjusted its forecasts for three, six and 12 months to 6.7, 6.6 and 6.5 yuan per dollar, respectively, from an earlier 6.3. (Reporting by Tommy Wilkes Editing by Jamie McGeever)