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2026 FX Outlook

LIVE10 November 2025USD bearish

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USD/CNY

Name: Investment Bank FX Research Directory
Creator: FX Bank Forecast
License: https://fxbankforecast.com/terms
Keywords: bank FX research, investment bank reports, FX strategy, institutional research directory, bank forecasts

PBoC to guide CNY gradually stronger as domestic confidence improves and capital

Moderately Bullish

ING Forecast Path

Cross-Firm Forecast Comparison

Key Drivers

PBoC managed appreciation

Improving domestic demand

Capital flow stabilization

Trade surplus support

All Firm Targets (Dec '26)

JPMModerately Bullish7.05

INGModerately Bullish6.90

GSBullish6.90

MUFGModerately Bullish6.90

BARCModerately Bullish6.90

BofABullish6.85

MSBullish6.80

DBBullish6.75

Analysis Summary

PBoC to guide CNY gradually stronger as domestic confidence improves and capital flows stabilize. USD/CNY to move below 7.00 in H2 2026 as dollar weakness broadens.

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