Core Viewpoint - The Chinese yuan (RMB) against the US dollar has shown fluctuations, with the central parity rate adjusted upwards on October 21, indicating a slight strengthening of the yuan [1] Exchange Rate Summary - On October 21, the central parity rate of the RMB against the USD was reported at 7.0930, an increase of 43 basis points from the previous trading day's rate of 7.0973 [1] - As of 9:38 AM on the same day, the onshore RMB exchange rate was quoted at 7.1203, reflecting a depreciation of 0.01%, while the offshore RMB rate was at 7.1213, showing an appreciation of 0.04% [1]

Core Viewpoint - The Chinese yuan has appreciated against the US dollar, with the central parity rate rising by 19 basis points to 7.0949 on October 17, marking a total increase of 186 basis points for the week [1] Exchange Rate Summary - As of 9:37 AM on the same day, the onshore yuan exchange rate was quoted at 7.1187, reflecting an appreciation of 0.07% [1] - The offshore yuan exchange rate against the US dollar was reported at 7.1205, showing an appreciation of 0.06% [1]

Core Points - The central point of the article is the appreciation of the Chinese yuan against the US dollar, with specific exchange rate figures provided for different time frames [1] Group 1 - As of September 29, the central parity rate of the yuan against the US dollar was reported at 7.1089, appreciating by 63 basis points from the previous trading day's rate of 7.1152 [1] - At 9:34 AM on the same day, the onshore yuan exchange rate was quoted at 7.1251, reflecting an appreciation of 0.11% [1] - The offshore yuan exchange rate against the US dollar was reported at 7.1308, showing an appreciation of 0.15% [1]

Investment Chain - Prices of copper, aluminum, zinc, lead, gold, and silver have risen since September 2025. Fixed asset investment growth rate has decreased to 0.50%, with real estate development investment declining by 12.90% and manufacturing fixed asset investment growth at 5.10% [1] - Infrastructure investment growth rate has also decreased to 5.42%. Prices of tin and nickel have fallen, while the price of thermal coal has slightly increased to 676 RMB per ton [1] Consumption Chain - In August 2025, automobile sales growth rate increased to 16.44%, while home appliance retail sales growth rate decreased to 19.90%. The nominal growth rate of social consumption fell to 3.40% [2] - The cumulative nominal growth rate has decreased by 4.60%, and the sales area of commercial housing has seen a decline of 5.44% [2] Export Chain - In August 2025, export growth rate to the US decreased, while it increased for the EU, Japan, and ASEAN. The overall export growth rate rose to 25.52% [3] - Exports of furniture, refined oil, coke, ships, plastics, and auto parts have seen an increase, while agricultural products, toys, lighting, coal, steel, and aluminum exports have decreased [3] Price Chain - Oil prices have risen to 63.41 USD per barrel as of September 23, 2025. Prices for PVC have increased to 4695 RMB per ton, while prices for MDI have decreased [4] - Pork prices have dropped to 13.71 RMB per kilogram, and the price of domestic urea has also decreased compared to July 2025 [4]

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]