Goldman Sachs' report highlights the yuan's severe undervaluation (20-30%) and forecasts appreciation to 6.50 USD/CNY. This may divert capital from crypto markets, with risks from China's capital controls and trade tensions.
Goldman Sachs' models show the Chinese yuan is 20-30% undervalued vs USD. The bank revises USD/CNY forecast to 6.50 over 12 months, citing export strength and low inflation. Risks include trade tensions and PBOC intervention.
Goldman Sachs reports the yuan is 20-30% undervalued vs USD, raising forecasts to 6.50 in 12 months. Driven by strong exports, weak domestic demand, and low inflation. Long-term appreciation may be gradual due to PBOC controls.
The People's Bank of China released a digital yuan service guide for foreign visitors, allowing them to open anonymous wallets with overseas phone numbers and deposit via Visa/Mastercard. The move boosts CBDC internationalization and challenges crypto cross-border payments.
The People's Bank of China has released a service guide for digital yuan (e-CNY), allowing foreign tourists to download the app, open anonymous wallets without a Chinese bank account, and top up via Visa/Mastercard. Transaction limits are 2,000 yuan per payment.
China’s central bank has released a digital yuan guide for foreign visitors, allowing tourists to open e-CNY wallets, link Visa or Mastercard, and make contactless payments in China.
China’s central bank reported net government bond purchases of just RMB 10 billion in June 2026, the lowest level in nine months. The move came alongside an ultra-small reverse repo operation of RMB 200 million on June 2, the smallest single-day scale on record, suggesting that the People’s Bank of China is leaning toward draining excess liquidity after bond yields fell to fresh lows. The secondary-market bond buying program originally began in August 2024 to support the economy, but it was previously paused in January 2025 as yields declined. At this stage, analysts have not established a direct connection between the PBOC’s latest operations and crypto money markets. For digital asset participants, the key point is not an immediate transmission effect, but whether July operations confirm a continuing policy shift in liquidity management.
The People’s Bank of China recorded net purchases of only RMB 10 billion in government bonds in June 2026, the lowest monthly level in nine months. On June 2, it also conducted a reverse repo operation of just RMB 200 million, the smallest single-day scale on record. Together, these moves suggest that after a period of bond-market support, the central bank has turned more cautious as yields reached new lows and has begun to absorb excess liquidity. The PBOC’s secondary-market bond buying program began in August 2024 to support the economy, but it was paused in January 2025 when yields fell further. At this stage, no analysts have established a direct link between these operations and crypto money markets. The key watchpoint now is whether July operations continue the same pattern, which could reinforce the view that policy implementation is shifting toward tighter liquidity management rather than sustained expansion.
