5月人民币汇率三大报价全线升值，后续走势将更为稳定

Core Viewpoint - In May, the RMB appreciated against the USD, with onshore RMB rising by 1% and offshore RMB by 0.86% [1][3] Exchange Rate Performance - On May 30, the onshore RMB closed at 7.1989, down 0.18% for the day, while the offshore RMB closed at 7.2065, down 0.24% [3] - The RMB's middle rate against the USD on May 30 was reported at 7.1848, reflecting a 0.23% appreciation compared to the end of April [3] - Year-to-date, the middle rate has appreciated by 0.05%, with onshore and offshore RMB appreciating by 1.38% and 1.65% respectively [3] Factors Influencing RMB Appreciation - The appreciation in May was driven by two main factors: ongoing stable growth policies and positive outcomes from US-China trade talks, which boosted market confidence [3][4] - The weakening of the USD, with the index dropping for the fourth consecutive month to below 99, also contributed to the RMB's strength [4] Monetary Policy and Market Outlook - The Federal Reserve maintained its benchmark interest rate for the third consecutive time, leading to increased market pessimism and a rise in US Treasury yields [4] - The widening of the interest rate differential between China and the US is expected to have limited impact on the RMB due to effective regulatory frameworks controlling cross-border capital flows [5] - The People's Bank of China is anticipated to continue implementing interest rate cuts and reserve requirement ratio reductions to support the economy and stabilize the RMB [5]