Threadneedle's Donora bullish on commodities

clock • 1 min read

Threadneedle's head of commodities David Donora is bullish on both the short and long-term outlook for commodities, though he believes the medium-term picture is uncertain.

Donora says Chinese demand for commodities driven by the expected revaluation of their currency and ongoing infrastructure projects will continue to support prices next year. In his outlook for 2010, Donora says if the renminbi is to be revalued, China will look to diversify foreign currency reserves away from the US dollar. "China is currently estimated to be holding $2.2trn in foreign reserves and it will not wish to see these reserves devalued," says Donora. "At the same time, the ongoing modernisation of the country, with its attendant long-term infrastructure projects, is crea...

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