Barclays
FX Outlook 2026: Navigating the Turn
LIVE28 November 2025USD bearish
Back to CurrenciesModerately Bullish
USD/CNY
CNY appreciation supported by PBoC managed strengthening and improving fundament
BARC Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
PBoC guidance
Trade surplus
Domestic recovery
USD weakness
Portfolio inflows
All Firm Targets (Dec '26)
JPMModerately Bullish7.05
BARCModerately Bullish6.90
GSBullish6.90
INGModerately Bullish6.90
MUFGModerately Bullish6.90
BofABullish6.85
MSBullish6.80
DBBullish6.75
Analysis Summary
CNY appreciation supported by PBoC managed strengthening and improving fundamentals. USD/CNY to 6.90 as dollar weakens and domestic recovery gains traction.