GOLDMAN SACHS SAYS YUAN IS SIGNIFICANTLY UNDERVALUED Goldman Sachs estimates the yuan is about 25% undervalued and expects it to appreciate more than markets project for 2026. The bank calls it a “highest-conviction” trade, citing models that align with China’s economic fundamentals. The currency is on track for its first annual gain since 2021, helped by a weaker dollar, rising equity inflows, and stronger official fixings. However, deflation risks, potential dollar rebounds, and export softness could limit further gains.(*Walter Bloomberg)