Citing analysts, 21st Century Business Herald reported on Thursday, “the yuan is expected to rise by about 5% to reach about 6.6 against the US dollar next year as the Federal Reserve may end its rate hikes around mid-2023 as US inflation cools, and as China's GDP rebounds on reopening.”

Additional quotes

“It is possible the yuan may fluctuate around 7 in the first half of 2023 as US interest rates may still rise and support the US Dollar Index.”

“It is not recommended to bet on the one-way appreciation of yuan, as the currency may also be impacted by Sino-US relations, the global geopolitical situation and domestic real estate market.”