J.P. Morgan

Global FX Strategy 2026

LIVE25 November 2025USD bearish

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USD/CNY

Name: Investment Bank FX Research Directory
Creator: FX Bank Forecast
License: https://fxbankforecast.com/terms
Keywords: bank FX research, investment bank reports, FX strategy, institutional research directory, bank forecasts

Moderately bullish lean on CNY FX. USD/CNH has traveled broadly lower throughout

Moderately Bullish

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

BARCModerately Bullish6.90

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.

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FX BANK FORECAST · COVERAGE

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Aggregated year-end forecasts, scenario shifts, and curated analyst notes from eight institutional desks. No promotion.