RMB Exchange Rate Surpasses 6.7 Mark, Expected to Rise Then Stabilize This Year

On September 18, the onshore and offshore RMB exchange rates against the US dollar both surpassed the 6.70 mark, with the offshore RMB reaching a high of 6.6933 and the onshore RMB peaking at 6.6964, both marking new highs since February 2023. Wang Qing, chief macro analyst at Dongfang Jincheng, predicts that the RMB exchange rate is likely to continue a stable yet slightly strong trend in the short term. Attention should be paid to changes in China's export growth rate and the impact of monetary policy adjustments in major overseas economies on the US dollar index. Wang expects the RMB to maintain an inverse fluctuation with the US dollar, with relatively small fluctuations, and the core fluctuation range before the end of the year to be between 6.7 and 6.9, with the annual trend possibly showing a "rise first, then stabilize" pattern.

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