Economists at ING analyze USD/CNY outlook.
The turn in the broad Dollar cycle may help cement a top in USD/CNY at 7.25/30
There seems to be little confidence that Chinese policymakers are prepared to jolt the economy into action.
The turn in the broad Dollar cycle may help cement a top in USD/CNY at 7.25/30, but the case for a markedly lower USD/CNY is hard to make right now.
USD/CNY – 1M 7.30 3M 7.25 6M 7.10 12M 6.80
See: USD/CNY to reach 7.00 by end-Q3, 2023, 6.80 by end-Q4 – MUFG
Source: https://www.fxstreet.com/news/the-case-for-a-markedly-lower-usd-cny-is-hard-to-make-right-now-ing-202307211016