MUFG
2026 FX Outlook: Post-Peak USD World
LIVE19 December 2025USD bearish
Back to CurrenciesModerately Bullish
USD/CNY
PBoC to guide gradual CNY appreciation as domestic demand recovers from property
MUFG Forecast Path
Cross-Firm Forecast Comparison
Key Drivers
PBoC guidance
Property sector stabilization
Trade surplus
Capital account
US-China relations
All Firm Targets (Dec '26)
JPMModerately Bullish7.05
MUFGModerately Bullish6.90
GSBullish6.90
INGModerately Bullish6.90
BARCBullish6.90
BofABullish6.85
MSBullish6.80
DBBullish6.75
Analysis Summary
PBoC to guide gradual CNY appreciation as domestic demand recovers from property sector adjustment. Trade surplus remains supportive. USD/CNY to decline to 6.90 by year-end. Less aggressive than Morgan Stanley's 6.80 target.