A Big Turning Point for USDCNH

in the past few years, USDCNH usually found a turning point in the 1st Q, especially around the Chinese New Year.
Today there is a big rally in USDCNH.
Reuters report, FX conversion before the week-long Lunar New Year holiday, which starts on Jan. 31, has been traditionally heavier as exporters need to settle their dollar receipts for goods payments and employee bonuses, but markets widely expect some weakness could kick in soon.
reuters.com/article/china-yuan-midday-idUKL1N2U506Y

Fed signal a rate hike in March and PBoC is going to keep monetary policy neutral to slightly loose, this will narrow the rate spread of these two currencies and favor more dollar strengthening.
China's GDP will still have pressure this year as the Q4 GDP slowed to 4% in Q4 2021.
The 20th National Congress of the Communist Party of China will be held in the second half of this year likely in Oct or Nov, the Chinese government will be busy with political issues. Will, there be any further pressure on the economy, we need to wait and see.

a surge in USDCNH on 27 Jan 2022, should show a bottom of this pairs of currency and head for 6.5-6.65 in coming months.