The Valuation Case for a Stronger CNY One of our highest conviction views in FX is that the Chinese Yuan (CNY) will outperform the appreciation embedded in forwards in 2026, supported by our economists' above-consensus forecast for export growth and the current account. Already this year, the CNY fixing has gradually but consistently moved lower, and has Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures ...