Core Viewpoint - The Chinese Yuan (CNY) has been appreciating against the US Dollar (USD) following the Spring Festival holiday, reaching new highs not seen since April 2023 [1][4]. Group 1: Exchange Rate Movements - On February 25, the CNY/USD spot exchange rate broke through the 6.88 and 6.87 levels, peaking at 6.8622, which is an appreciation of over 200 points from the previous trading day [1]. - The offshore CNY also surpassed the 6.87 mark, reaching a high of 6.86179, reflecting an appreciation of over 0.25% from the previous day [2]. - The central parity rate for CNY against USD on February 25 was reported at 6.9321, an increase of 93 basis points [4]. Group 2: Factors Influencing Appreciation - The rapid appreciation of the CNY post-holiday is attributed to the stabilization of China-US trade relations since November 2025, improving the overall external environment for China [4]. - Recent legal investigations into Federal Reserve Chairman Jerome Powell have put pressure on the USD, contributing to its weakness and allowing non-USD currencies, including the CNY, to appreciate [4]. - High demand for currency settlement from previous export growth has accelerated, with bank customer settlement surpluses reaching $99.93 billion and $88.76 billion in December 2025 and January 2026, respectively, marking historical highs [4].
在岸、离岸人民币对美元汇率均升破6.87，创34个月新高
Sou Hu Cai Jing·2026-02-25 08:22