Core Viewpoint - The recent appreciation of the Renminbi against the US dollar is driven by increased foreign exchange settlement demand from export enterprises, creating a positive feedback loop that strengthens the currency [1][2][3]. Group 1: Renminbi Exchange Rate Dynamics - As of December 25, 2025, the Renminbi to US dollar central parity rate was reported at 7.0392, an increase of 79 basis points from the previous trading day, marking the first time since September 2024 that the offshore Renminbi broke the "7" level [1]. - The appreciation of the Renminbi is expected to continue, supported by a weak US dollar index and favorable external conditions for the currency [1][6]. - The increase in foreign exchange settlement demand is attributed to the end-of-year rush from export enterprises, which accelerates the conversion of foreign currency into Renminbi [2][3]. Group 2: Corporate Responses to Currency Fluctuations - Export enterprises are adjusting their foreign exchange management strategies in response to the Renminbi's appreciation, focusing on proactive management rather than passive acceptance of currency fluctuations [2][3]. - Companies are advised to accelerate their foreign exchange settlements and adjust pricing strategies to mitigate the impact of currency appreciation on profit margins [6][7]. - There is a growing emphasis on risk management tools to hedge against currency volatility, with companies encouraged to adopt a "risk-neutral" financial philosophy [7][8]. Group 3: Economic and Policy Context - The Chinese government is expected to implement supportive macroeconomic policies to stabilize growth and employment, which may further bolster the Renminbi's strength [5]. - The overall foreign trade environment is better than anticipated, reducing the necessity for a depreciated Renminbi to stimulate exports, thus creating conditions for moderate appreciation [6]. - The regulatory stance is inclined towards maintaining a stable exchange rate to provide a predictable external environment for businesses [5].
人民币“破7”预期升温 岁末结汇潮涌动
Xin Lang Cai Jing·2025-12-26 19:02