离岸、在岸人民币对美元汇率分别升破7.03、7.04

Core Viewpoint - The offshore and onshore RMB against the USD have both surpassed the 7.03 and 7.04 thresholds, respectively, indicating a significant appreciation of the RMB in recent trading sessions [1][3]. Group 1: Exchange Rate Movements - On December 22, the offshore RMB reached a high of 7.02955 against the USD, marking the highest level since October 3 of the previous year [1]. - The onshore RMB opened at 7.0408 and strengthened to a peak of 7.0369 during the day, also achieving a 14-month high since October of the previous year [3]. - Year-to-date, the offshore RMB has appreciated over 4.1% against the USD [2]. Group 2: Factors Influencing RMB Appreciation - The recent appreciation of the RMB is attributed to a weaker USD and resilient export performance, which has led to increased capital settlement from industries [5]. - The potential for passive appreciation of the RMB exists due to the Federal Reserve's monetary easing and the resultant pressure on the USD index, while the RMB's appreciation against a basket of currencies has been less pronounced [5]. - Strong export resilience, driven by industrial upgrades and a robust foreign trade market, contrasts with weak domestic demand and ongoing negative growth in imports, further supporting the RMB's appreciation [5].