JPMorgan has cuts its forecasts for USD/CNY, expecting inflows to boost the yuan
USD/CNY Q3 target to 6.95 (revised down from 7.10)
Q4 to 7.0 (from 7.10 also)
"As the correlation between equity inflows and USD/CNY moves has risen to multi-year highs on account of China's substantially increased weight in major equity benchmarks, risks are skewed toward further downside in USD/CNY from continued equity inflows"
in the medium term the pair is "bounded by uncertainty around trade tensions as well as poor visibility around any sustained decline in the USD"