Core Viewpoint - The offshore and onshore RMB exchange rates against the US dollar have both surpassed the 7.09 mark, reaching a high not seen in over a year, driven by a weak dollar environment and strong domestic equity market performance attracting foreign investment [1] Group 1: RMB Exchange Rate Dynamics - As of November 25, the central parity rate of RMB against the US dollar was set at 7.0826, an increase of 21 basis points from the previous trading day, with a year-to-date increase of approximately 1000 basis points [1] - Analysts attribute the recent appreciation of the RMB to two main factors: the continuous adjustment of the RMB central parity rate towards a stronger direction and the unexpected growth in exports, which has boosted confidence in the RMB [2][1] Group 2: Future Outlook - The RMB is expected to maintain a strong performance in the short term, with key factors to monitor including the US dollar's movements, the adjustment of the RMB central parity rate, and the effectiveness of domestic growth policies [2] - The potential for further interest rate cuts by the Federal Reserve and the impact of US tariff policies are likely to limit the upward movement of the dollar index, while the RMB is expected to remain stable with limited volatility against the dollar [2] Group 3: RMB Exchange Rate Indices - As of November 21, all three major RMB exchange rate indices showed an increase, with the CFETS index at 98.22 (up 0.39), the BIS index at 104.66 (up 0.5), and the SDR index at 92.6 (up 0.34), all reaching their highest levels since April 2025 [3]

Core Viewpoint - The recent fluctuations in the RMB to USD exchange rate indicate a generally strong performance despite minor adjustments, with a focus on stabilizing the CFETS index and other currency baskets [1][2]. Exchange Rate Trends - On November 11, the RMB to USD central parity rate was reported at 7.0866, a decrease of 10 basis points from the previous day [1]. - Since breaking the 7.1 mark on October 15, the RMB has maintained a strong performance, with a peak of 7.0836 on November 7, the highest since October 16, 2024 [1]. - The CFETS RMB exchange rate index reached 97.96, the BIS index was at 104.19, and the SDR index was at 92.34, all marking new highs since mid-April [1]. Influencing Factors - The recent slight depreciation of the RMB against the USD is attributed to a small increase in the USD index, which rose by 0.17% last week [2]. - The USD index closed at 99.6202 on November 10 and peaked at 99.739 on November 11 [2]. - Despite external pressures, domestic economic policies are expected to provide support for the RMB, ensuring stability in the fourth quarter [2]. Future Outlook - The RMB is anticipated to exhibit a mild appreciation next year, provided that exports do not experience unexpected changes [3].

Core Viewpoint - The CFETS RMB exchange rate index on October 10 is reported at 97.32, reflecting an increase of 0.55 compared to the last trading day of the previous week (September 30) [1] Group 1: RMB Exchange Rate Indices - The CFETS RMB exchange rate index has risen by 0.55 from the previous week [1] - The BIS currency basket index for RMB on October 10 is 103.43, which is an increase of 0.78 from September 30 [1] - The SDR currency basket index for RMB on October 10 is 91.89, showing an increase of 0.66 from September 30 [1]

Core Viewpoint - The recent significant appreciation of the Renminbi (RMB) against the US dollar is primarily attributed to a substantial increase in the RMB central parity rate, which has been adjusted to stabilize the currency amidst a backdrop of a weakening US dollar and concerns over the US government's creditworthiness [1][2]. Group 1: RMB Central Parity Rate - The RMB central parity rate against the US dollar began to rise after hitting a low of 7.2133 on April 16, coinciding with the onset of the US-China trade war initiated by Trump [1]. - The RMB central parity rate has seen a notable increase, with a jump of 160 basis points on August 25, reaching 7.1161, the highest since November of the previous year [1][2]. - As of August 29, the RMB central parity rate further increased by 45 basis points to 7.1063, continuing to set new records since November [1][2]. Group 2: Market Reactions and Implications - The appreciation of the RMB central parity rate has led to a significant rise in the spot exchange rate, with the onshore and offshore RMB rates reaching nine-month highs [2]. - On August 28, the onshore RMB spot rate closed at 7.1385, up 237 basis points from the previous day, and surged over 340 points within the same day [2]. - The recent labor market deterioration in the US, along with signals from the Federal Reserve regarding potential interest rate cuts, has contributed to a moderate depreciation of the US dollar, while the RMB has appreciated significantly [2][3]. Group 3: CFETS RMB Exchange Rate Index - The CFETS RMB exchange rate index reached a low of 95.3000 on July 4, 2023, indicating a significant depreciation of the RMB against a basket of currencies [3][4]. - The index has since stabilized, rising to 96.5700 by August 29, reflecting the central bank's efforts to mitigate depreciation pressures against major currencies such as the euro, yen, pound, and Swiss franc [3][4]. - Year-to-date, the RMB has depreciated against the euro by 9.37%, the yen by 3.85%, the pound by 7.92%, and the Swiss franc by 11.78%, highlighting the need for intervention to stabilize the currency [3].

Core Points - The CFETS RMB exchange rate index on August 15 was reported at 96.17, reflecting an increase of 0.13 compared to the last trading day on August 8 [1] - The RMB exchange rate indices calculated based on the BIS and SDR currency baskets were 101.93 and 90.85 respectively on August 15, with increases of 0.17 and 0.03 compared to August 8 [1]

Core Points - The CFETS RMB exchange rate index on August 8 was calculated at 96.04, showing a decrease of 0.90 compared to the last trading day of the previous week (August 1) [1] - The RMB exchange rate indices based on the BIS and SDR currency baskets were 101.76 and 90.82 respectively on August 8, reflecting declines of 1.05 and 0.78 compared to August 1 [1] Summary by Category - **CFETS RMB Exchange Rate Index** - The index was reported at 96.04 on August 8, down by 0.90 from August 1 [1] - **BIS and SDR Currency Basket Indices** - The BIS-based index was 101.76, decreasing by 1.05 from August 1 - The SDR-based index was 90.82, down by 0.78 from August 1 [1]

Core Points - The CFETS RMB exchange rate index on June 20 was 95.92, an increase of 0.43 from the last trading day on June 13 [1] - The RMB exchange rate indices calculated based on the BIS and SDR currency baskets were 101.51 and 90.75 respectively on June 20, rising by 0.58 and 0.39 compared to June 13 [1] Summary by Category - **CFETS RMB Exchange Rate Index** - The index increased to 95.92 on June 20, reflecting a 0.43 rise from the previous week [1] - **BIS and SDR Currency Basket Indices** - The BIS-based index reached 101.51, up by 0.58 - The SDR-based index was at 90.75, increasing by 0.39 [1]