内外因素支撑韧性，人民币汇率强势升破7.05

Core Viewpoint - The RMB to USD exchange rate has shown a steady upward trend, recently surpassing the 7.05 mark, reaching a 14-month high, driven by a weak USD environment and strong domestic equity market performance attracting foreign investment [1][2]. Group 1: Exchange Rate Trends - On November 15, both onshore and offshore RMB against USD broke the 7.05 threshold, with onshore reaching a high of 7.0471 and offshore hitting 7.0381 [5]. - The RMB central parity rate was adjusted up by 54 points to 7.0602 on November 16, marking the highest level since October 9, 2024 [2]. - Analysts expect the RMB to maintain a strong position against the USD in the short term, with a potential moderate appreciation by 2026 [2][5]. Group 2: Economic Factors Influencing the RMB - The recent rise in the RMB is attributed to two main factors: the decline of the USD index below 100 around the Federal Reserve's interest rate cut and increased corporate demand for currency exchange at year-end [6]. - The Chinese economy is showing stable performance, with strong export growth and a peak in currency settlement demand before the Spring Festival, contributing to the RMB's appreciation [5][6]. - The central economic work conference emphasized maintaining the RMB exchange rate's stability at a reasonable level, indicating a supportive external environment for the RMB in 2026 [5].