RMB: The debate for 2026 | GS EM Marketstrats ⼈⺠币：2026 年⾛势之争 | ⾼盛新兴市场策略 Given recent RMB appreciation to 7.05 area, there is rising debate on RMB outlook in 2026, and market is split: 1) Some think CNH appreciation will accelerate, on further US-China rate differential narrowing, China's large CA surplus + cheap REER, as well as eased trade uncertainty. 2) Some think RMB will continue this year's appreciation speed, which is not much faster than carry. 3) Others think CNH can serve as funder given weak dome ...