Lates News

The RMB exchange rate continues to perform strongly. On August 10, the central parity of the RMB against the US dollar was raised by 20 basis points, reporting at 6.7884, the highest since February 10, 2023. On the same day, the onshore RMB rose as high as 6.7429 against the US dollar during trading, setting a new high since February 6, 2023. As of the time of this report, the onshore RMB exchange rate was last quoted at 6.7458. The temporary weakening of the dollar is the primary catalyst for this round of RMB appreciation, said Lian Ping, chairman of the Chinese Chief Economist Forum, in an interview. On the one hand, the joint intervention of the US and Japan in the yen exchange rate has led to a short-term rebound in the yen, which has affected the weight of the dollar index; on the other hand, the easing of geopolitical risks in the Middle East has alleviated safe-haven sentiment and further pushed the dollar to correct. Additionally, the weakness of US macroeconomic data has exacerbated the dollar's downturn, allowing non-US currencies to generally gain recovery momentum. (Zhongxin Jingwei).