德银研究预测：人民币对美元汇率升值到2026年底升值至6.7

Group 1 - Deutsche Bank's Chief Economist for China predicts a strengthening of the RMB against the USD, forecasting an exchange rate of 7.0 by the end of 2025 and 6.7 by the end of 2026 [3][6] - The improvement in the RMB exchange rate is attributed to better-than-expected export performance and a decrease in the market's expectation of RMB depreciation, leading to increased foreign exchange inflows [5][6] - The People's Bank of China has renewed bilateral currency swap agreements with the European Central Bank, Swiss National Bank, and Hungarian National Bank, which will enhance bilateral trade and investment facilitation [7][8] Group 2 - The bilateral currency swap agreements include a scale of 350 billion RMB/45 billion Euros with the EU, 150 billion RMB/17 billion Swiss Francs with Switzerland, and 40 billion RMB/190 billion Hungarian Forints with Hungary, with varying effective periods [7] - The seasonal characteristics of exports and the strong demand for profit recovery at year-end are expected to drive a concentrated foreign exchange settlement by exporters in the fourth quarter [6] - The current low level of short positions against the offshore RMB provides room for further strengthening of the RMB exchange rate [6]