(Yicai Global) July 7 -- China's currency will continue to devalue against the dollar through this year, falling as much as 1.79 percent, according to the findings of the Yicai Chief Economists Monthly Report for July.
The Yicai Chief Economists Confidence Index in July fell further from the previous month to 49.71. Most economists gave a forecast of around 50, with the number making bearish predictions up, indicating that most expect China's economic growth to remain sluggish.
The report expects growth in second-quarter gross domestic product of 6.63 percent, lower than the first quarter's 6.70 percent. The report is relatively optimistic about real estate investment, predicting that the market will contribute 6.63 percent to GDP growth.
As for foreign trade, the report shows a general lack of confidence, projecting a trade surplus of USD46.017 billion on average, lower than May's USD49.980 billion. Global demand remained weak in June, and export data has continued on a downward trend since May. Economists project a 4.32 percent drop, a further deterioration from May's 4.10 percent decline. The decline in imports accelerated in June compared with the previous month, and is estimated to be -5.35 percent.
Yicai Chief Economists Monthly Report is jointly released by Yicai Media Group, owner of Yicai Global, gathering together monthly forecasts on the Chinese economy by chief economists at major commercial organizations in China.