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fxJul 16, 2026, 7:16 PM

OCBC: USD/CNY Extends Decline as PBoC Validates Gradual Yuan Gains

OCBC strategists note USD/CNY extended its decline after softer US CPI and PPI data, with firmer PBoC fixings supporting gradual yuan appreciation, though gains remain capped.

USDCNY

OCBC strategists Sim Moh Siong and Christopher Wong observe that USD/CNY has extended its decline following softer US Consumer Price Index (CPI) and Producer Price Index (PPI) releases.

The People's Bank of China (PBoC) has set firmer daily fixings, which validates a gradual appreciation of the renminbi against the US dollar. However, the strategists point out that upside for the yuan remains limited.

The move reflects a combination of weaker US inflation data and continued central bank guidance in China, reinforcing the gradual trend in CNY strength.

Source: FXStreet Forex News