The offshore and onshore RMB exchange rates against the US dollar rose above the 7.03 and 7.04 marks, respectively. More reflecting the expectations of international investors, the offshore RMB exchange rate against the US dollar rose above the 7.03 mark on December 22, reaching an intraday high of 7.02955 as of press release, a new high since October 3 last year. When analyzing the reasons for the appreciation of the RMB exchange rate since November, CICC pointed out in a research report that the recent trend may be mainly due to the weakening of the US dollar and industrial capital settlement brought about by export resilience. On the one hand, there is a possibility that the RMB will appreciate passively: the US dollar index was pressured by the Fed's restarting interest rate cuts in September and the easing trade brought about by the change of the Federal Reserve chairman, and the appreciation of the RMB against a basket of currencies is significantly weaker than the US dollar, so there is a possibility that the RMB will passively appreciate against the US dollar. On the other hand, since this year, China's exports have been resilient, driven by the overseas capital expenditure cycle brought about by industrial transformation and upgrading, the expansion and deepening of the foreign trade market, and industrial chain restructuring. At the same time, PPI has not been corrected year on year, further increasing the price advantage; however, imports have continued to grow negatively due to factors such as weak domestic demand and domestic production substitution. At the same time, the weakening of the US dollar strengthened the willingness to settle huge current account surpluses, and seasonal settlement peaks at the end of the year. Therefore, net settlement of a record high of 47 billion US dollars under current accounts from October to November 2025 is not that surprising. This may also reinforce the recent upward trend.

The offshore and onshore RMB exchange rates against the US dollar rose above the 7.03 and 7.04 marks, respectively. More reflecting the expectations of international investors, the offshore RMB exchange rate against the US dollar rose above the 7.03 mark on December 22, reaching an intraday high of 7.02955 as of press release, a new high since October 3 last year. When analyzing the reasons for the appreciation of the RMB exchange rate since November, CICC pointed out in a research report that the recent trend may be mainly due to the weakening of the US dollar and industrial capital settlement brought about by export resilience. On the one hand, there is a possibility that the RMB will appreciate passively: the US dollar index was pressured by the Fed's restarting interest rate cuts in September and the easing trade brought about by the change of the Federal Reserve chairman, and the appreciation of the RMB against a basket of currencies is significantly weaker than the US dollar, so there is a possibility that the RMB will passively appreciate against the US dollar. On the other hand, since this year, China's exports have been resilient, driven by the overseas capital expenditure cycle brought about by industrial transformation and upgrading, the expansion and deepening of the foreign trade market, and industrial chain restructuring. At the same time, PPI has not been corrected year on year, further increasing the price advantage; however, imports have continued to grow negatively due to factors such as weak domestic demand and domestic production substitution. At the same time, the weakening of the US dollar strengthened the willingness to settle huge current account surpluses, and seasonal settlement peaks at the end of the year. Therefore, net settlement of a record high of 47 billion US dollars under current accounts from October to November 2025 is not that surprising. This may also reinforce the recent upward trend.