China Inc on buying spree of foreign firms
Momentum driven by expectations of a weaker yuan in the longer term
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CHINA Inc can't buy foreign companies fast enough, and the yuan's trajectory helps explain why.
The Chinese currency will weaken 3.3 per cent versus the dollar by year-end, a Bloomberg survey of strategists found, with the world's largest foreign-exchange trader Citigroup Inc forecasting a 7 per cent slide through 2017. The projections show the potential cost of delaying instead of deal-making, and China's firms are getting the message. The value of their offshore acquisitions reached US$97.4 billion this year, already 80 per cent of 2015's record, data compiled by Bloomberg shows.
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