USD/CNY to move downward to 6.10 by end-2023 – Westpac

China’s renminbi has outperformed recently, USD/RMB having fallen from 6.37 at the end of January to 6.32 now. Economists at Westpac forecast the pair at 6.10 by end-2023.

Historic lows for the pair may prove a tough technical level to break

“We see further gains in the period ahead, forecasting USD/RMB to fall to 6.10 by end-2023 (-3.5%).” 

“The momentum evident in China’s economy at the turn of the year and its plans for enduring economic development signal upside risks for the renminbi versus the US dollar, although it has to be recognised for the near term that we are nearing historic lows for the currency pair which may prove a tough technical level to break.”