多重利好释放，离岸人民币汇率大反攻

Core Viewpoint - The recent appreciation of the Renminbi (RMB) against the US dollar is driven by both domestic and international factors, with the RMB reaching its highest level since November 2024, reflecting market confidence in China's economic stability and growth prospects [1][3][4]. Domestic Factors - China's GDP grew by 5.4% year-on-year in the first quarter, exceeding expectations, which has bolstered investor confidence in the RMB [1][4]. - Continuous implementation of policies aimed at supporting consumption and effective investment has contributed to a stable macroeconomic environment [4][7]. - The People's Bank of China (PBOC) has maintained a moderately loose monetary policy, which supports economic recovery while managing liquidity [7][8]. International Factors - The downgrade of the US sovereign credit rating by Moody's and concerns over the US fiscal deficit have weakened the US dollar, providing room for the RMB to appreciate [1][5][6]. - Market apprehensions regarding US economic prospects, exacerbated by poor results from US Treasury auctions and trade policy disputes, have led to a decline in the dollar index [1][5][6]. Market Trends - As of May 26, the offshore RMB reached a peak of 7.1614 against the dollar, marking a 0.10% increase and a 1.45% appreciation over the past 20 days [3][4]. - The dollar index experienced a drop of approximately 0.41% on the same day, indicating a new downward trend for the dollar [5]. Future Outlook - Experts suggest that the RMB may experience short-term fluctuations around a new equilibrium, influenced by US tariff policies and domestic countermeasures [1][9]. - Long-term projections indicate that as China continues to advance its high-quality development initiatives, the RMB is expected to gain a more significant role in the global monetary system [1][9][10].