人民币汇率创34个月新高，在岸、离岸人民币双双升破6.87

Core Viewpoint - The onshore and offshore RMB exchange rates against the US dollar have both surpassed the 6.87 mark, with the offshore RMB reaching a 34-month high, indicating a strong upward trend in the RMB's value [1][5][10]. Group 1: Exchange Rate Movements - As of February 25, the offshore RMB against the US dollar was reported at 6.8655, with a peak of 6.86179 during the day, marking an increase of 180 points from the previous trading day [1][6]. - The onshore RMB also broke the 6.87 threshold, peaking at 6.8622, appreciating over 200 points compared to the previous day [3][8]. - The RMB's midpoint against the US dollar was set at 6.9231, an increase of 93 basis points [9]. Group 2: Factors Influencing RMB Strength - The recent strengthening of the RMB is attributed to a combination of internal and external factors, including an improved external environment and a weakening US dollar [5][10]. - The stabilization of China-US trade relations since November 2025 has contributed to a more favorable external environment for the RMB [10]. - The weak US dollar, influenced by ongoing investigations into the Federal Reserve Chairman and the potential for a new chairman advocating for interest rate cuts, has created space for non-USD currencies to appreciate [5][10]. - Seasonal factors, such as concentrated corporate foreign exchange settlement demands and the traditional peak settlement period at year-end and early year, have also supported the RMB's appreciation [11].