在岸、离岸人民币对美元汇率破7.05关口，创14个月新高

Core Viewpoint - The onshore and offshore RMB exchange rates have both surpassed the 7.05 mark, reaching a new high not seen in nearly 14 months, indicating a strengthening of the Chinese currency against the US dollar [1][2]. Group 1: Exchange Rate Movements - As of December 15, the onshore RMB to USD exchange rate peaked at 7.047, marking the first time it has crossed the 7.05 threshold since October 9, 2024 [1][3]. - In the offshore market, the RMB to USD exchange rate also reached 7.05 around the same time, reflecting a similar trend [2]. Group 2: Market Implications - The People's Bank of China announced that the central parity rate for the RMB against the USD was set at 7.0656, a depreciation of 18 basis points from the previous trading day [5]. - Analysts suggest that a stronger RMB could boost confidence in the capital markets and attract more foreign investment into the domestic capital market, creating a positive feedback loop with the currency's strength [5]. - Short-term forecasts indicate that the RMB is likely to remain strong, with attention needed on the USD's performance, the central bank's control over the RMB's midpoint, and domestic growth policies [5]. Group 3: Future Projections - Foreign institutions generally expect the RMB to continue appreciating, albeit at a varied pace. ANZ's Asia Research Head Khoon Goh predicts a moderate appreciation to around 6.95 by the end of 2026 [5]. - Deutsche Bank forecasts that the RMB will appreciate to 6.7 by the end of 2026 and further to 6.5 by the end of 2027 [5].