Chinese Yuan: Stronger fix guides gradual RMB gains – OCBC

FXStreetJul 13, 2026 6:41 PM

View all comments（0）



OCBC strategists Sim Moh Siong and Christopher Wong highlight that USD/CNH dipped after a stronger USD/CNY fix below 6.80, the first such level since February 2023. They read this as policymakers being comfortable with further RMB appreciation while managing the pace. Technically, they see mild bullish momentum in USD/CNH, with support at 6.75/76 and resistance at 6.80 and 6.8320.

PBoC fix strategy and key levels

"USD/CNH dipped, taking cues from a lower USD/CNY fix on Friday. The fix was set at 6.7989, below 6.80 for the first time since Feb 2023 and lower than 6.8036 prior. But the fix was still 51 pips weaker than Bloomberg consensus at 6.7938."

"This may suggest that policymakers are comfortable with further RMB appreciation but remain mindful of the pace. Further fixes below 6.80 should be supportive of RMB, though the gap against market expectations will remain important in interpreting PBoC’s bias."

"USD/CNH last at 6.7820 levels. Mild bullish momentum on daily chart intact while RSI looks flat. 2-way trade still likely. Support at 6.75/76 levels. Resistance at 6.80, 6.8320 (DMA)."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

Comments (0)

Click the $ button, enter the symbol, and select to link a stock, ETF, or other ticker.

Commenting Guidelines

Recommended Articles

Arm Holdings (ARM) Stock Forecast: Record Q1, Fell 34% in July, Now Breaking Out Above $280

TradingKey - Arm delivered record Q1 revenue of $1.289B (+22%) with data-center royalties doubling, then fell 34% in July on the AI selloff. Now it is breaking out above $280 to $286. The AGI CPU order book exceeds $2B. Here is the setup and what $294 requires.

Japan, South Korea Stocks Fluctuate as KOSPI Reverses Gains; SoftBank Falls Over 5%, Kioxia Drops 2%

TradingKey - On August 7, Japanese and South Korean stock markets opened higher and underwent volatile consolidation. The Korea Composite Stock Price Index (KOSPI) opened 1.1% higher at 6,365.07 points. Early gains expanded to as much as 1.85%, hitting 6,412.76 points, but the index subsequently surrendered most of those gains. It was last reported at 6,307.40 points, up 0.17%.

Today’s Market Recap: Middle East Tensions Weigh on U.S. Stocks, Brent Crude Surges Over 4%, SpaceX Jumps Over 6% on Lockup Expiration

TradingKey - Tensions in the Middle East have escalated once again, weighing on U.S. stocks and driving them lower. The three major indices closed lower across the board for the first time this week. At the close, the Dow Jones Industrial Average fell 0.85% to 53,885.10; the Nasdaq Composite dropped

US Stocks Close: Dow Drops 0.85% to End Five-Day Winning Streak; Memory Stocks Slump as Western Digital Falls 13%, SanDisk Drops 6% Post-Earnings

Market sentiment weakened following reports that Fed Chairman Warsh is considering a September rate hike and ahead of the non-farm payrolls report scheduled for release on August 7 ET. The three major indices all declined, with memory stocks suffering losses while oil stocks gained. At the close, the Dow Jones Industrial Average fell 0.85% to 53,885.10 points; the Nasdaq Composite Index dropped 0.06% to 26,348.35 points; and the S&P 500 Index declined 0.18% to 7,709.96 points.

July Nonfarm Payrolls Preview: Job Growth May Remain Low; How Will US Stocks, Dollar, and Gold React?

TradingKey - The U.S. Bureau of Labor Statistics will release the July non-farm payrolls report at 8:30 AM ET on August 7. Current market focus is centered not only on employment growth but also on the unemployment rate, average hourly earnings, and whether data from the previous two months will be revised downward again. These indicators will directly impact Federal Reserve rate hike expectations for September, as well as the trajectory of U.S. stocks, the U.S. Dollar, and gold (XAUUSD).

Featured Tools