CNY will progressively gain traction through 2020 – Westpac

In view of Westpac analysis team, CNY will progressively gain traction through 2020, with USD/CNY falling from CNY7.10 at March to CNY6.90 end–2020, then CNY6.60 end–2021.

Key Quotes

“Central to this trend is an expected broader base for growth across both industry and households in China. The more China engages with Asia, the greater the opportunity for the entire region. As for long–term growth opportunities, risks for Asia's currencies are clearly skewed to the upside.”