人民币升破7.17，创9个月新高

Core Viewpoint - The Chinese yuan has appreciated significantly against the US dollar, reaching a new high in over nine months, driven by multiple factors including expectations of interest rate cuts by the Federal Reserve and the increasing attractiveness of yuan-denominated assets globally [1][4]. Group 1: Exchange Rate Movements - On August 21, the yuan's spot exchange rate against the US dollar briefly surpassed the 7.17 mark, peaking at 7.1682 [1]. - The central parity rate of the yuan against the US dollar on August 21 was reported at 7.1287, an increase of 97 basis points, marking the highest level since November 7, 2024 [2]. Group 2: Factors Influencing Yuan Appreciation - The ongoing expectations of interest rate cuts by the Federal Reserve and advancements in China's technological research are enhancing the value of Chinese assets, thereby boosting the yuan's appeal [4]. - The People's Bank of China emphasized the importance of market forces in determining exchange rates and aims to maintain stability in the yuan's value amidst complex economic conditions [4]. Group 3: Market Predictions - According to招商证券, if the Federal Reserve does not further lower the dollar, the yuan's central parity is expected to continue appreciating steadily, with a potential return to the 6 range for the yuan, which would likely enhance the attractiveness of Chinese assets [7].