China's murky economic outlook isn't favourable for the Yuan and we expect the inflows registered over Nov/Dec to reverse.

Onshore firms still rather sell the yuan and hold USD despite USD weakness late last year and hints of their medium-term bearish view on the currency. 

More pressure on the RMB is expected as outbound China travel picks up, evident from the jump in FX sales (services). As such, we don't expect USD/CNY to go below 7.0000 in 2024 despite our bearish USD view this year.