As the “maximum limit” of tariffs on July 9 approaches, Britain has successfully reached an agreement. US President Trump recently said that the US and Vietnam have reached a trade agreement, while other countries are in the process. Although there is still uncertainty in the negotiations, the structural trend of a weak dollar has not been hindered. On the one hand, US Treasury Secretary Bessent believes that the Federal Reserve may cut interest rates in September or “earlier”. The key point is that tariffs did not trigger inflation; on the other hand, with the introduction of European fiscal stimulus measures, the euro's long position is high. Meanwhile, global institutions continue to diversify funds from dollar assets to other assets. Affected by this, the RMB continued to appreciate against the US dollar. Some foreign bank traders mentioned that the central price of RMB against the US dollar has not been drastically weakened recently to cushion the appreciation. The original agency anticipated that the median price would be difficult to rise above 7.17, but it already rose to 7.1523 on July 3. Many institutions believe that after the US dollar once hit the 7.15 mark against the offshore renminbi, 7.1 may only be a matter of time. Goldman Sachs's year-end target for USD/RMB is 7; Barclays believes that if the US dollar continues to fall to the range of 7.1 to 7.15 billion US dollars, up to 100 billion US dollars of deposits held by exporters may be exchanged.

As the “maximum limit” of tariffs on July 9 approaches, Britain has successfully reached an agreement. US President Trump recently said that the US and Vietnam have reached a trade agreement, while other countries are in the process. Although there is still uncertainty in the negotiations, the structural trend of a weak dollar has not been hindered. On the one hand, US Treasury Secretary Bessent believes that the Federal Reserve may cut interest rates in September or “earlier”. The key point is that tariffs did not trigger inflation; on the other hand, with the introduction of European fiscal stimulus measures, the euro's long position is high. Meanwhile, global institutions continue to diversify funds from dollar assets to other assets. Affected by this, the RMB continued to appreciate against the US dollar. Some foreign bank traders mentioned that the central price of RMB against the US dollar has not been drastically weakened recently to cushion the appreciation. The original agency anticipated that the median price would be difficult to rise above 7.17, but it already rose to 7.1523 on July 3. Many institutions believe that after the US dollar once hit the 7.15 mark against the offshore renminbi, 7.1 may only be a matter of time. Goldman Sachs's year-end target for USD/RMB is 7; Barclays believes that if the US dollar continues to fall to the range of 7.1 to 7.15 billion US dollars, up to 100 billion US dollars of deposits held by exporters may be exchanged.