USD/CNY Hovers around the 6.95 Level


As USD/CNY hovers around the 6.95 level, economists at ANZ Bank expect the pair to edge lower next year towards 6.65.

“Although it will be a bumpy road ahead as China reopens, at least the shift in the narrative from overwhelmingly negative in 2022 towards a more hopeful tone for 2023 will help prompt inflows and encourage exporters’ conversion of accumulated dollar receipts. A recovery in China’s growth also reduces the need for further People’s Bank of China easing.” 

“We do not foresee a rapid rebound in outbound Chinese tourists at first due to an anticipated backlog in passport applications. This should allay any concerns over potential outflows.”

“We forecast a rebound in the CNY to 6.65 against USD by the end of 2023.”

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