Barclays
FX Outlook 2026: Navigating the Turn
LIVE28 November 2025USD bearish
Back to CurrenciesBullish
USD/CNY
Bullish CNY on PBoC managed appreciation, improving domestic sentiment, and US-C
BARC Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
PBoC managed appreciation
Domestic sentiment
US-China trade stability
Capital account reform
All Firm Targets (Dec '26)
JPMModerately Bullish7.05
BARCBullish6.90
GSBullish6.90
INGModerately Bullish6.90
MUFGModerately Bullish6.90
BofABullish6.85
MSBullish6.80
DBBullish6.75
Analysis Summary
Bullish CNY on PBoC managed appreciation, improving domestic sentiment, and US-China trade stabilization. USD/CNY to grind lower towards 6.90 by year-end. Capital account liberalization and REER correction support structural appreciation.