Chinese Yuan: RMB gains hinge on PBoC fix – OCBC

FXStreetSep 22, 2026 9:54 PM

View all comments（0）



OCBC strategists Sim Moh Siong and Christopher Wong note that the Renminbi (RMB) has extended gains, with USD/CNY breaking below 6.70 as the People's Bank of China (PBoC) strengthened the fix for nine straight sessions ahead of the Trump–Xi meeting. They see scope for RMB to stay supported if strong fixes persist, but warn that wide US–China yield differentials and soft domestic fundamentals should cap the pace of appreciation beyond the event.

Fixing strategy drives near-term RMB path

"RMB extended gains, with USD/CNY breaking below 6.70 as the PBoC strengthened the fix for a ninth straight session. The firmer fixing bias is notable given the broader USD/rates backdrop and reinforces the recent shift in fixing guidance towards allowing a somewhat firmer RMB."

"This also comes ahead of the Trump-Xi meeting, where we see room for RMB to stay supported into the event. Near term, the fix remains key to watch."

"If the PBoC maintains the recent pace of stronger fixes, RMB momentum can extend; any slowdown or pause, however, may disappoint expectations and take some steam out of the move. Beyond the meeting, wide US-China yield differentials and soft domestic fundamentals should still limit the pace of RMB appreciation."

"Daily momentum is showing very tentative signs of turning mild bearish while RSI fell. Some downside pressure not ruled out but largely still in orderly range. Immediate support around 6.69 levels is key before next support around 6.67 levels. Resistance at 6.7030, 6.7110 (21 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

Broadcom Stock Forecast: Down Over 30% Since June, Can the Stock Rebound From Here?

On September 16, Broadcom (AVGO) hit a recent intraday low of $335.80, pulling back 32% from its all-time high of $494.20 and almost entirely erasing its year-to-date gains. Yet just a few months ago, Broadcom was hailed by the market as the most certain winner in AI computing power; now, it has become a poster child for unfulfilled expectations. The root of this shift traces back to its Q2 FY2026 financial report released on June 3. While AI semiconductor revenue reached $10.8 billion—up 143% year-over-year—and Q3 guidance projected over 200% year-over-year growth, management merely reiterated its target of "exceeding $100 billion in AI chip revenue by FY2027" as unchanged, declining to raise it. Market expectations, already priced at a P/E ratio of around 90x, lost the fuel to expand further, sending the stock price into a continuous decline. As the share price dropped, its valuation also underwent a reset. Could this now mark a turning point for the stock?

US Stocks Mixed as Dow Drops 160 Points; Tech Stocks Lead, Meta Rises 4.5%

The top leaders of China and the U.S. met in the United States, alongside reports that U.S.-Iran negotiations were seeking to reopen the Strait of Hormuz. U.S. stocks recovered part of their losses, with technology stocks leading the gains. At the close, the Dow Jones Industrial Average fell 0.31% to 51,349.98; the Nasdaq Composite Index rose 0.01% to 26,939.37; and the S&P 500 Index dipped 0.02% to 7,704.13.

Meta Stock Forecast: Muse Monetization Path Is Key as JPMorgan Raises Price Target to $920; Can Stock Hit Record High?

On September 24, Eastern Time, Meta Platforms (META) reached an intraday price of $777.89, hitting a nearly one-year high. Following the Meta Connect event, JPMorgan raised its price target on the company from $820 to $920 while maintaining an Overweight rating. The core reason is that the monetization path for Muse is becoming increasingly clear, leaving the bank more optimistic about Meta's growth potential beyond advertising.

Oracle Tumbles 7% as Project Jupiter Data Center Force Majeure Notice Sparks Delay Concerns

On September 24, Oracle (ORCL) fell as much as 5% in pre-market trading and dropped over 7% after the market opened. Sparking market concerns was a force majeure notice issued by the company regarding Project Jupiter, a large-scale data center in New Mexico. Investors' focus is shifting from massive AI orders to delivery timelines and capital recovery. According to Bloomberg, Oracle has sent a formal notice to developer Stack Infrastructure, seeking to delay payments if the project fails to become operational as planned in 2028. This move does not imply exiting its position as the primary tenant, nor does it mean a payment waiver has been granted. Oracle maintained that the project is proceeding according to schedule, but did not specifically address the notice itself.

Meta Connect 2026 New Product Roundup: Muse Integrated Into AI Glasses, Can It Drive Meta Revenue Growth?

TradingKey - At the Connect 2026 conference held from September 23 to 24, Meta (META) unveiled the Ray-Ban Meta Audio, third-generation Ray-Ban Meta, and Meta VR Glasses, while upgrading the Meta Ray-Ban Display. The company also announced the integration of its personal AI agent, Muse, into its AI glasses, expanding its product scope from mobile phones and social apps to wearable devices.

Featured Tools