FXStreet reports that economists at Standard Chartered believe the USD/CNH pair has further scope to fall.

“USD/CNH continues to track lower from its May peak around 7.200 and has some further scope to fall, in our view. We expect significant technical support around the 6.450-6.470 region could be tested soon, but that this level may hold as the pair treads water awaiting the incoming Biden administration.” 

“Recent comments from Biden suggest that nothing much will change for US-China relations initially, and we anticipate stability would be a preferred approach from the PBoC.”