China Says It Will Not Devalue Currency To Boost Trade
China will not devalue its currency to boost it export demand, according to Chinese Premier Li Keqiang.
"Persistent depreciation of the renminbi will only do more harm than good to our country," Li said said on Wednesday during a speech at a World Economic Forum event in the northern Chinese city of Tianjin. His comments follow a day after the U.S. and China laid out plans to hit each other with a fresh round of tariffs. Since China imports much less from the U.S. compared to the other way round, speculations are rife as to whether or not China will manage to have enough measures to 'fight' back at U.S. tariffs.
Since April, the yuan (or renminbi) has declined by around -9% against the U.S dollar, amidst U.S.-China trade wars. In July, U.S. President Donald Trump suggested that China was “manipulating” its currency yuan lower to gain advantage in international trade. Li, however, said Wednesday "The recent fluctuations in the renminbi exchange rate have been seen by some as an intentional measure on the part of China," he said. "This is simply not true."
Momentum Indicator for CHIQ turns positive, indicating new upward trend
CHIQ saw its Momentum Indicator move above the 0 level on April 23, 2024. This is an indication that the stock could be shifting in to a new upward move. Traders may want to consider buying the stock or buying call options. Tickeron's A.I.dvisor looked at 81 similar instances where the indicator turned positive. In of the 81 cases, the stock moved higher in the following days. The odds of a move higher are at .
Technical Analysis (Indicators)
Bullish Trend Analysis
The Moving Average Convergence Divergence (MACD) for CHIQ just turned positive on April 24, 2024. Looking at past instances where CHIQ's MACD turned positive, the stock continued to rise in of 47 cases over the following month. The odds of a continued upward trend are .
CHIQ moved above its 50-day moving average on April 22, 2024 date and that indicates a change from a downward trend to an upward trend.
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where CHIQ advanced for three days, in of 306 cases, the price rose further within the following month. The odds of a continued upward trend are .
The Aroon Indicator entered an Uptrend today. In of 266 cases where CHIQ Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .
Bearish Trend Analysis
The 10-day RSI Indicator for CHIQ moved out of overbought territory on April 29, 2024. This could be a bearish sign for the stock. Traders may want to consider selling the stock or buying put options. Tickeron's A.I.dvisor looked at 46 similar instances where the indicator moved out of overbought territory. In of the 46 cases, the stock moved lower in the following days. This puts the odds of a move lower at .
The Stochastic Oscillator demonstrated that the ticker has stayed in the overbought zone for 3 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where CHIQ declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
CHIQ broke above its upper Bollinger Band on April 26, 2024. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
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Category PacificAsiaexJapanStk