人民币中间价大幅拉升，CFETS人民币汇率指数趋于稳定

Core Viewpoint - The recent significant appreciation of the Renminbi (RMB) against the US dollar is primarily attributed to a substantial increase in the RMB central parity rate, which has been adjusted to stabilize the currency amidst a backdrop of a weakening US dollar and concerns over the US government's creditworthiness [1][2]. Group 1: RMB Central Parity Rate - The RMB central parity rate against the US dollar began to rise after hitting a low of 7.2133 on April 16, coinciding with the onset of the US-China trade war initiated by Trump [1]. - The RMB central parity rate has seen a notable increase, with a jump of 160 basis points on August 25, reaching 7.1161, the highest since November of the previous year [1][2]. - As of August 29, the RMB central parity rate further increased by 45 basis points to 7.1063, continuing to set new records since November [1][2]. Group 2: Market Reactions and Implications - The appreciation of the RMB central parity rate has led to a significant rise in the spot exchange rate, with the onshore and offshore RMB rates reaching nine-month highs [2]. - On August 28, the onshore RMB spot rate closed at 7.1385, up 237 basis points from the previous day, and surged over 340 points within the same day [2]. - The recent labor market deterioration in the US, along with signals from the Federal Reserve regarding potential interest rate cuts, has contributed to a moderate depreciation of the US dollar, while the RMB has appreciated significantly [2][3]. Group 3: CFETS RMB Exchange Rate Index - The CFETS RMB exchange rate index reached a low of 95.3000 on July 4, 2023, indicating a significant depreciation of the RMB against a basket of currencies [3][4]. - The index has since stabilized, rising to 96.5700 by August 29, reflecting the central bank's efforts to mitigate depreciation pressures against major currencies such as the euro, yen, pound, and Swiss franc [3][4]. - Year-to-date, the RMB has depreciated against the euro by 9.37%, the yen by 3.85%, the pound by 7.92%, and the Swiss franc by 11.78%, highlighting the need for intervention to stabilize the currency [3].