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

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21 July 2023

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

Economists at MUFG Bank discuss Yuan outlook.

CNY to appreciate in the medium term on the back of better economic activities

We expect a still volatile USD/CNH in near term with a bearish bias for the USD/CNY, and we continue to expect CNY to appreciate in the medium term on the back of better economic activities.

We expect USD/CNY to reach 7.00 by the end of Q3, 2023, 6.80 by the end of Q4 2023.

See: Fundamentals still point to higher USD/CNH – Credit Suisse

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