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ING narrows USD/CNY forecast band to 6.67 to 6.92

The bank cites PBoC driven currency stability, solid Chinese export performance, and a narrowing US China yield spread outlook.

Reported · Written up by our desk · Central Banks

ING chief economist Lynn Song said the Chinese yuan has been one of the strongest performers in 2026, including while the US dollar has remained firm, and that the stability partly reflects PBoC driven support.

Song tightened and slightly lowered ING's USD/CNY forecast range for the rest of the year to 6.67 to 6.92, pointing to strong Chinese exports, a robust current account surplus, and expectations that the US China yield spread will narrow.

ING also framed the question for the second half as more dollar focused than yuan focused, saying any sustained dollar weakening trend would likely cause the CNY to underperform versus other currencies.

The view was laid out in an ING note highlighted by FXStreet, which said the updated band reflects upside risks already being incorporated into current valuations.

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