J.P. Morgan
Global FX Strategy 2026
LIVE25 November 2025USD bearish
Back to CurrenciesModerately Bullish
USD/CNY
Moderately bullish lean on CNY FX. USD/CNH has traveled broadly lower throughout
JPM Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
PBoC guidance
Domestic optimism
US-China trade stability
REER correction
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
Moderately bullish lean on CNY FX. USD/CNH has traveled broadly lower throughout the year. PBoC guidance towards managed nominal appreciation in the yuan. Bullish risks for CNY FX especially relative to non-USD pairs.