Bank of America
FX Outlook 2026: Structural Dollar Headwinds
LIVE5 December 2025USD bearish
Back to CurrenciesBullish
USD/CNY
CNY appreciation supported by PBoC guidance, improving trade surplus, and portfo
BofA Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
PBoC managed appreciation
Trade surplus
Portfolio inflows
Domestic stabilization
All Firm Targets (Dec '26)
JPMModerately Bullish7.05
GSBullish6.90
INGModerately Bullish6.90
MUFGModerately Bullish6.90
BARCBullish6.90
BofABullish6.85
MSBullish6.80
DBBullish6.75
Analysis Summary
CNY appreciation supported by PBoC guidance, improving trade surplus, and portfolio inflows. USD/CNY targeting 6.85 as managed appreciation continues and domestic growth stabilizes.