ANZ: The Renminbi is expected to rise to 6.95 by the end of next year, which is unlikely to erode export competitiveness

Khoon Goh, the head of Asia research at Australia and New Zealand Banking Group, wrote in a report released on Monday that the renminbi is expected to maintain a moderate appreciation against the US dollar by 2026, with an estimated year-end rate of around 6.95 yuan, benefiting from controllable economic downturn risks, easing US-China trade tensions, a potential reduction in domestic deflationary pressures, and the expectation that the People's Bank of China will cut interest rates less than the Federal Reserve next year