Macquarie expect the People's Bank of China will have less reason to allow the rapid gains for the yuan to continue
- signing of a phase-one trade deal
- removal of China from the US currency manipulator list
- USD/yuan under 7 has restored public confidence
MBL say RMB gains will slow likely after the Lunar New Year, but a positive global risk environment will still be supportive of it.
Sure has been a rapid appreciation for the onshore mid rate:
