But they also said the price range does not preclude potential "sharp" price rallies or declines, with the heightened geopolitical risks one major trigger.

"Some geopolitical reasons have precluded a swap line between the world's two largest economies, but the recent measures taken by global central banks to increase dollar supply will also help Chinese businesses to ease their dollar-denominated debt burdens," said Xie Le, chief economist in Asia for Spanish banking group Banco Bilbao Vizcaya Argentaria.