Like Woo, however, Barclays' strategists recommend being long USDCNH forwards to capitalize on any additional weakness in the Chinese currency.
The strategist believes once China's quest to have its currency included in the International Monetary Fund's special drawing rights basket has concluded—whether it ends in success or failure—the authorities in Beijing will lose their desire to backstop the yuan.
This looming Chinese devaluation will be driving price action across rates and foreign exchange markets in 2016, according to Bank of America:
As such, Woo is also high on a trade that's closely linked to Bank of America's top idea. The second trade on that list is a long position in 30-year Treasury Inflation-Protected Securities, as the strategist believes the Federal Reserve's terminal rate—the ceiling for how high its policy rate will go—will be dragged down by the decline in China's currency.
"Further monetary easing by Beijing resulting in a shallower Fed cycle would go a long way in convincing investors that the Fed will likely keep real interest rates much lower than in prior cycles," explained Woo.