Goldman Sachs
Global FX Strategy 2026
LIVE10 January 2026USD bearish
Back to CurrenciesBullish
USD/CNY
Bullish CNY as PBoC guides managed appreciation and domestic stimulus gains trac
GS Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
PBoC managed appreciation
Domestic stimulus
Property stabilization
Export competitiveness
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
Bullish CNY as PBoC guides managed appreciation and domestic stimulus gains traction. USD/CNY target 6.90 reflects gradual strengthening. Property sector stabilization and export competitiveness improvements support.