东吴证券：我国经常项目顺差以及证券投资资金的净流入 有望推动人民币兑美元汇率升破7.0关口

Core Viewpoint - The chief economist of Dongwu Securities, Lu Zhe, believes that 2025 will mark the end of the RMB depreciation cycle over the past three years and may initiate a new appreciation phase [1] Group 1: RMB Exchange Rate Forecast - It is expected that by 2026, under the backdrop of a structurally weak US dollar index, China's current account surplus and net inflow of securities investment funds will likely push the RMB/USD exchange rate above the 7.0 mark [1] - If the annualized exchange rate volatility can be maintained within the range of 3.0% to 4.0%, the RMB/USD exchange rate may rise to the range of 6.70 to 6.80 by the end of 2026 [1]