Today, the onshore and offshore RMB exchange rates against the US dollar strengthened once again. Among them, the offshore RMB exchange rate against the US dollar once again broke through 7.04 and once rose to 7.03725 intraday, a new high since October 4, 2024. The onshore RMB exchange rate against the US dollar rose to an intraday high of 7.0417, a new high since October 8, 2024. Referring to the recent continuous rise in the exchange rate of RMB against the US dollar, Wang Qing, chief macro analyst at Dongfang Jincheng, believes there are two direct reasons. First, before and after the Federal Reserve cut interest rates on December 11, the US dollar index continued to decline, falling below 100, driving the general appreciation of non-US currencies, including the RMB. Second, towards the end of the year, corporate remittance demand has increased, driving the seasonal strengthening of the RMB. However, after the RMB continues to strengthen, settlement demand accumulated earlier is likely to be released at an accelerated pace. Wang Qing said that the RMB will be in a strong state of operation in the short term. Next, we should focus on the trend of the US dollar, the strength of central RMB price regulation, and the strength and pace of the domestic steady growth policy.

Today, the onshore and offshore RMB exchange rates against the US dollar strengthened once again. Among them, the offshore RMB exchange rate against the US dollar once again broke through 7.04 and once rose to 7.03725 intraday, a new high since October 4, 2024. The onshore RMB exchange rate against the US dollar rose to an intraday high of 7.0417, a new high since October 8, 2024. Referring to the recent continuous rise in the exchange rate of RMB against the US dollar, Wang Qing, chief macro analyst at Dongfang Jincheng, believes there are two direct reasons. First, before and after the Federal Reserve cut interest rates on December 11, the US dollar index continued to decline, falling below 100, driving the general appreciation of non-US currencies, including the RMB. Second, towards the end of the year, corporate remittance demand has increased, driving the seasonal strengthening of the RMB. However, after the RMB continues to strengthen, settlement demand accumulated earlier is likely to be released at an accelerated pace. Wang Qing said that the RMB will be in a strong state of operation in the short term. Next, we should focus on the trend of the US dollar, the strength of central RMB price regulation, and the strength and pace of the domestic steady growth policy.