CNY will likely remain under pressure before economic data show that China’s growth momentum stabilizes and gains a firmer footing. 

We expect the USD/CN pair to continue to stay at around 7.30 in the near term and CNY will remain weak for some time ahead. 

Longer out, we expect USD/CNY to fall below 7.00 in the latter part of 2024 due to the expectation of a softer USD as we anticipate the Fed to cut its key interest rate next year.