Deutsche Bank
FX Blueprint 2026: The Great Rotation
LIVE12 December 2025USD bearish
Back to CurrenciesBullish
USD/CNY
CNY set to appreciate as PBoC allows managed strengthening and capital inflows a
DB Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
PBoC managed appreciation
Capital inflows
Trade surplus
Domestic recovery
Portfolio rebalancing
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 set to appreciate as PBoC allows managed strengthening and capital inflows accelerate. USD/CNY to 6.75 as part of the broader Asia re-rating theme.