Morocco  -5.5  38.6  Tunisia  -11.1  40.5  Sources: IMF External Sector Report, July 2019 and World Economic Outlook, October 2019. Note: *Foreign exchange weights on foreign liabilities.
On the other hand, there are a number of destabilizing factors and uncertainties in the external environment affecting the RMB exchange rate. First, economic recovery is still uneven around the world, with the US and other developed economies undergoing faster recovery and narrowing the gap with China’s economic growth.