Citi discusses 4 possible outcomes at the coming G20 meeting
"(1) Maximum bear scenario: President Xi does not show at the G20 and the US imposes more tariffs – USDCNH likely breaks 7.00 fairly quickly;
(2) Xi and Trump meet but talks do not go well and US threatens further tariffs - USDCNH likely breaks 7.00 but more gradually;
(3) Status quo scenario: Xi And Trump meet, agree to disagree, tariffs go up as planned but USDCNH likely tests 7.00 later in July;
(4) Max bull scenario: Xi and Trump meet, agree to re-start negotiations in coming weeks, risk bounces, USDCNH to 6.80-85," Citi notes.