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In March, the USD/CNY pair rose from 6.46 to 6.56 as a result of US dollar-buying after the rise of US dollar interest rates. In April, USD/CNY is forecast to rise slowly, in the view of economists at Mizuho Bank.

There have been an increasing number of positive factors for the USD

“The appreciation of the Chinese yuan against the USD had been continuing since June last year. However, this trend has been weakening since the beginning of this year, and from a short-term perspective, the CNY is forecast to depreciate against the US dollar, with various factors in the US.”  

“The Chinese economy has been recovering, which is a factor that could strengthen the Chinese yuan, and this is likely to keep the US dollar from appreciating too rapidly.”