飙升1100点！三重因素助推人民币走强，偏强状态将延续？

Core Viewpoint - The offshore RMB has surged against the USD, reaching a high of 6.8760, with the onshore RMB also showing significant gains, indicating a strong performance of RMB assets in the market [1][2]. Group 1: Factors Driving RMB Strength - External environment improvement is a key background for the RMB's strength, with a stabilization in China-US trade relations since November 2025 [4]. - The weakness of the USD has opened up appreciation space for non-USD currencies, influenced by the ongoing investigation into the Federal Reserve Chairman and the proposed monetary policies [4]. - Seasonal support from concentrated corporate foreign exchange settlement demand is contributing to the RMB's appreciation, particularly during the traditional settlement peak at year-end and early year [4]. Group 2: Market Sentiment and Future Outlook - The recent strong performance of the offshore RMB has led to heightened market sentiment, which is a significant factor in the RMB's upward trend [5]. - The RMB is expected to maintain a strong position leading up to and following the Spring Festival, supported by continued export growth and high corporate settlement demand [6]. - However, there are concerns about potential depreciation pressures throughout the year, with expectations that the RMB will fluctuate around a central range of 7.0 to 7.2 against the USD in 2026 [6].