Core Viewpoint - The Chinese yuan has depreciated against the US dollar, with the central parity rate reported at 7.1077, a decrease of 20 basis points from the previous trading day [1] Exchange Rate Summary - As of 9:49 AM on the same day, the yuan's exchange rate against the US dollar was quoted at 7.1144, reflecting a depreciation of 0.04% [1] - The offshore yuan exchange rate against the US dollar was reported at 7.1165, also showing a depreciation of 0.04% [1]

Core Points - The People's Bank of China announced that the central parity rate of the RMB against the USD is 7.1128, marking a depreciation for two consecutive days and reaching the lowest level since August 26, 2025 [1] - This week, the RMB has depreciated a total of 109 basis points [1] - As of 9:35 AM on the same day, the RMB to USD exchange rate was quoted at 7.1145, reflecting a depreciation of 0.02%, while the offshore RMB to USD rate was 7.1132, showing a depreciation of 0.06% [1]

Group 1 - The offshore RMB to USD exchange rate broke 7.1 for the first time since November 7, 2024, reaching a high of 7.0965 on September 17, with a 0.34% increase since the beginning of September [1] - The onshore RMB to USD exchange rate is also approaching the 7.1 mark, closing at 7.1056 on September 17, reflecting a 0.46% increase in September [1] - The appreciation of the RMB is attributed to market expectations of the Federal Reserve initiating a rate cut cycle, leading to a weaker USD and increased demand for RMB assets from foreign investors [1][3] Group 2 - China's economic fundamentals are a significant support for the RMB exchange rate, with macro policies being more proactive and the economy showing overall stability [2] - Despite external challenges, China's economy has maintained a steady and progressive development trend, supported by effective macro policies and the construction of a unified national market [2] - The chief macro analyst at Dongfang Jincheng noted that the recent rise in the RMB against the USD is driven by expectations of substantial Fed rate cuts and strong inflows of foreign capital into the domestic stock market [3]

Group 1 - The offshore RMB against the USD broke the 7.1 mark for the first time since November 7, 2024, with a peak of 7.0965 on September 17, indicating a 0.34% increase since the beginning of September [1] - The onshore RMB is also approaching the 7.1 threshold, closing at 7.1056 on September 17, reflecting a 0.46% increase in September [1] - The appreciation of the RMB is attributed to market expectations of the Federal Reserve initiating a rate cut cycle, leading to a weaker USD and increased demand for RMB assets from foreign investors [1][2] Group 2 - Despite external pressures and weak domestic demand, China's economy has maintained a stable and progressive development trend due to effective macro policies and the acceleration of the national unified market [2] - Key economic indicators have remained stable in the first eight months of the year, supporting the long-term positive outlook for the economy [2] - The recent rise in the RMB against the USD is driven by expectations of significant rate cuts by the Federal Reserve and strong inflows of foreign capital into the domestic stock market [2][3] Group 3 - The USD index is expected to face downward pressure, while major non-USD currencies, including the RMB, are likely to appreciate [3] - The significant decline of the USD in the first half of the year has been largely priced in, and the current economic conditions in Europe and Japan may provide the USD with stronger resistance against further declines [3] - Domestic counter-cyclical adjustment policies are expected to ensure basic stability in economic operations, providing intrinsic support for the RMB exchange rate [3]

Core Viewpoint - The recent appreciation of the Renminbi (RMB) against the US dollar is influenced by expectations of potential interest rate cuts by the Federal Reserve and strong inflows of foreign capital into the domestic stock market [1][3]. Group 1: Exchange Rate Movements - In August, the onshore and offshore RMB appreciated by 0.83% and 1.21% against the US dollar, respectively [1]. - As of September 17, the onshore RMB reached a high of 7.1080 and the offshore RMB peaked at 7.1003 [1]. Group 2: Market Analysis - The anticipated Federal Reserve interest rate decision is contributing to a decline in the US dollar index, which is providing upward momentum for non-USD currencies, including the RMB [3]. - The strong performance of the domestic stock market is attracting foreign investment, increasing demand for currency exchange and improving market sentiment [3]. Group 3: Future Outlook - If the Federal Reserve resumes interest rate cuts and the impact of US government tariffs on the economy becomes more pronounced, the US dollar index may face further downward pressure, making it easier for non-USD currencies to appreciate [3]. - The domestic economic policies aimed at stabilizing economic performance will provide essential support for the RMB exchange rate, which is expected to maintain a stable trajectory with limited risk of rapid appreciation or depreciation [3].

Core Insights - The recent strengthening of the RMB against the USD is driven by multiple factors, including signals from the Federal Reserve regarding potential interest rate cuts and strong domestic stock market performance [1] Group 1: Economic Factors - Federal Reserve Chairman Jerome Powell indicated a clear signal for interest rate cuts at the Jackson Hole Global Central Bank Conference, reinforcing expectations for a September rate cut [1] - US employment and inflation data have strengthened the anticipation of a rate cut, leading to a decline in the US dollar index, which provides passive appreciation momentum for non-USD currencies [1] Group 2: Market Dynamics - The domestic stock market has shown strength, resulting in accelerated foreign capital inflows, which have increased demand for currency exchange and improved market sentiment [1] - The central bank's management of the RMB's midpoint rate has played a significant role in maintaining a stronger RMB [1] Group 3: Future Outlook - In the short term, the RMB is expected to continue operating on a stronger trajectory, with future attention needed on the movements of the USD and the central bank's control over the RMB midpoint rate [1]

Core Points - The People's Bank of China announced the central parity rate of the RMB against the USD at 7.1019, an increase of 15 basis points from the previous day's rate of 7.1034 [1] - The RMB has appreciated against the USD for two consecutive trading days, with a total appreciation of 45 basis points for the week [1] - As of 9:35 AM on the same day, the onshore RMB was quoted at 7.1205 against the USD, showing a slight appreciation of 0.02%, while the offshore RMB was at 7.1171, reflecting a slight depreciation of 0.06% [1]

Core Viewpoint - The Chinese yuan appreciated against the US dollar, with the central parity rate reported at 7.1052, an increase of 56 basis points [1] Exchange Rate Summary - As of 9:50 AM on the same day, the onshore yuan exchange rate was quoted at 7.1422, reflecting an appreciation of 0.01% [1] - The offshore yuan exchange rate against the US dollar was reported at 7.1412, indicating a depreciation of 0.02% [1]

北京商报讯（记者 刘四红）9月3日，人民币对美元中间价报7.1108，贬值19个基点。 截至当日9时39分，人民币对美元汇率报价7.1380，升值0.02%，离岸人民币对美元汇率报7.1361，升值 0.03%。 ...

截至当日9时43分，人民币对美元汇率报价7.1393，贬值0.02%，离岸人民币对美元汇率报7.1364，贬值 0.02%。 北京商报讯（记者 刘四红）9月2日，人民币对美元中间价报7.1089，贬值17个基点。 ...