USD/CNY holds around the 6.6960 level. Economists at TD Securities expect the pair to move upward over the coming months.
“We continue to expect further CNY depreciation vs USD and on a trade-weighted basis in the months ahead as a likely weakening in China's current account position, and reduced inflows will weaken underlying support for the currency.”
“Over the near term, USD/CNY is likely to continue to pivot around 6.70, with PBoC CNY fixings indicating no clear bias vs. USD while the CFETS CNY index is likely to drift lower.”