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Analysts at TD Securities expect the USD/CNY pair to favour the weak side of the trading range of recent years.

Key quotes 

“We expect further monetary support via cuts of up to 20bps in the 1yr MLF and LPR rates this month, matching the February cut in the PBoC’s 7-day reverse repo rate.”

“We forecast USD/CNY to favour the weaker side of the trading range seen in recent years.”

“We forecast 7.10 end of year (with risk to the upside), before appreciating on a stabilizing global economy and weaker USD against EM.”