On the first trading day of 2026, the RMB spot exchange rate against the US dollar continued to appreciate. Today, the spot exchange rate of RMB against the US dollar rose to an intraday high of 6.977, once again setting a new high since mid-May 2023. The daily closing price of the RMB spot exchange rate against the US dollar was 6.9806 at 16:30, up 84 basis points from the previous trading day, setting a new high since May 17, 2023. Wen Bin, chief economist at China Minsheng Bank, predicts that the RMB may still have room to appreciate in January, supported by seasonal settlement demand. However, the central price of the RMB against the US dollar has deviated from the closing price of the spot exchange rate in the direction of depreciation, or indicates that there is some procyclical behavior in the foreign exchange market in the near future. “Overall, under the policy tone of the regulatory authorities to maintain the basic stability of the RMB exchange rate at a reasonable equilibrium level and prevent the risk of exchange rate overadjustment, the RMB exchange rate in January is not expected to appreciate significantly, and fluctuate in both directions in the 6.9-7 range for most of the time.” Wen Bin pointed out.

On the first trading day of 2026, the RMB spot exchange rate against the US dollar continued to appreciate. Today, the spot exchange rate of RMB against the US dollar rose to an intraday high of 6.977, once again setting a new high since mid-May 2023. The daily closing price of the RMB spot exchange rate against the US dollar was 6.9806 at 16:30, up 84 basis points from the previous trading day, setting a new high since May 17, 2023. Wen Bin, chief economist at China Minsheng Bank, predicts that the RMB may still have room to appreciate in January, supported by seasonal settlement demand. However, the central price of the RMB against the US dollar has deviated from the closing price of the spot exchange rate in the direction of depreciation, or indicates that there is some procyclical behavior in the foreign exchange market in the near future. “Overall, under the policy tone of the regulatory authorities to maintain the basic stability of the RMB exchange rate at a reasonable equilibrium level and prevent the risk of exchange rate overadjustment, the RMB exchange rate in January is not expected to appreciate significantly, and fluctuate in both directions in the 6.9-7 range for most of the time.” Wen Bin pointed out.