0845 GMT - China's central bank will continue to resist excessive strengthening of the yuan as stability remains central to its currency management strategy, says Julius Baer economist Sophie Altermatt in a note. The yuan has been on a strengthening path thanks to China's record-high trade surplus. Strong export performance has driven Chinese exporters to accumulate U.S. dollars, and the conversion into yuan toward 2025-end likely accelerated the currency's strength, she says. The managed appreciation will likely continue this year, on likely robust Chinese exports and a softer U.S. dollar environment. The bank revises its USD/CNH forecast to 6.90 over a 12-month horizon, reflecting a moderate appreciation path. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

(END) Dow Jones Newswires

January 13, 2026 03:45 ET (08:45 GMT)

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