USD/CNY to trend higher over coming months towards 7.20 by early 2023 – Wells Fargo USDCNY China PBOC Banks
China's growth prospects are likely to remain sluggish for the foreseeable future
“Our longer-term view for persistent Zero-COVID policies also underpins our view that China will grow at subdued levels for the next few years. In 2023, we believe China's economy will grow below 5% as virus flare-ups result in broad mobility restrictions over the entire course of 2023.” “We believe the Renminbi can trend weaker over the coming quarters, and the USD/CNY and USD/CNH exchange rates can reach 7.20 by early 2023, only recovering ground against the Dollar during the second half of 2023.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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