The case for a markedly lower USD/CNY is hard to make right now – ING

Economists at ING analyze USD/CNY outlook.

The turn in the broad Dollar cycle may help cement a top in USD/CNY at 7.25/30

There seems to be little confidence that Chinese policymakers are prepared to jolt the economy into action. 

The turn in the broad Dollar cycle may help cement a top in USD/CNY at 7.25/30, but the case for a markedly lower USD/CNY is hard to make right now. 

USD/CNY – 1M 7.30 3M 7.25 6M 7.10 12M 6.80

See: USD/CNY to reach 7.00 by end-Q3, 2023, 6.80 by end-Q4 – MUFG