# Asia FX Talking: China to continue resisting a weaker renminbi | articles | ING THINK

> ING expects limited upside for USD/CNY and says Chinese authorities will avoid a competitive devaluation. It forecasts USD/CNY at 7.25 in one month and 7.00 in twelve months, and says the PBOC has held off on rate cuts this year to support the renminbi.

- Date: 2024-06-17 · published 2024-06-17T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/30010-asia-fx-talking-china-to-continue-resisting-a-weaker-renminbi-articles-ing-think
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

The forecast of a stable to firmer yuan over the coming year suggests China's dollar-priced import costs will not rise sharply, which keeps feed demand steady.

## Read by commodity

- USDCNY: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2024-11-14 | [Asia FX Talking: China will try to hold the line \| articles \| ING THINK](https://feedsoft.ai/events/6697-asia-fx-talking-china-will-try-to-hold-the-line-articles-ing-think.md) | +0.3% | +0.6% |
| USDCNY | 2023-11-15 | [Asia FX Outlook 2024: Event risk could dominate \| articles \| ING THINK](https://feedsoft.ai/events/33436-asia-fx-outlook-2024-event-risk-could-dominate-articles-ing-think.md) | -1.6% | -1.1% |
| USDCNY | 2024-02-22 | [China’s ‘renminbi trap’: The economy needs a weaker currency, but Beijing is unable to act \| Chatham House – International Affairs Think Tank](https://feedsoft.ai/events/31898-china-s-renminbi-trap-the-economy-needs-a-weaker-currency-but-beijing-is-unable.md) | +0.1% | +0.1% |
| USDCNY | 2023-10-16 | [What’s driving the renminbi in China? \| Oxford Economics](https://feedsoft.ai/events/33862-what-s-driving-the-renminbi-in-china-oxford-economics.md) | +0.1% | -0.2% |
| USDCNY | 2019-03-25 | [China: How opening up the financial sector could affect the yuan \| articles \| ING THINK](https://feedsoft.ai/events/60331-china-how-opening-up-the-financial-sector-could-affect-the-yuan-articles-ing.md) | -0.1% | -0.2% |

## Sources

- think.ing.com: https://think.ing.com/articles/asia-fx-talking-china-to-continue-resisting-a-weaker-renminbi/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.