USD/CNY holds around the 6.6960 level. Economists at TD Securities expect the pair to move upward over the coming months.

USD/CNY to pivot around 6.70 over near term

“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.”