ING
2026 FX Outlook
LIVE10 November 2025USD bearish
Back to CurrenciesModerately Bullish
USD/CNY
PBoC to guide CNY gradually stronger as domestic confidence improves and capital
ING Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
PBoC managed appreciation
Improving domestic demand
Capital flow stabilization
Trade surplus support
All Firm Targets (Dec '26)
JPMModerately Bullish7.05
INGModerately Bullish6.90
GSBullish6.90
MUFGModerately Bullish6.90
BARCBullish6.90
BofABullish6.85
MSBullish6.80
DBBullish6.75
Analysis Summary
PBoC to guide CNY gradually stronger as domestic confidence improves and capital flows stabilize. USD/CNY to move below 7.00 in H2 2026 as dollar weakness broadens.