10 December 2025 | 8:40AM EST Economics Research Global Markets Daily: FX Vulnerabilities to China's Overcapacity Exhibit 1: The Yuan has grown increasingly undervalued since 2022 and is now about 20% undervalued versus GSDEER Isabella Rosenberg +1(212)357-7628 | isabella.rosenberg@gs.com Goldman Sachs & Co. LLC c45a43530f604d12bcb9a82b5aa6b9f6 n Resilient Chinese growth should lead to a stronger Yuan, but the global impact of overcapacity and increased trade competition could have negative spillovers to ot ...