Core Viewpoint - The recent strengthening of the RMB against the USD is attributed to both external and internal factors, including a weakening USD and stable domestic economic performance [1][2]. External Factors - The USD index has been declining since June 19, reaching a low of 96.9923 on June 26, the lowest since March 2, 2022 [2]. - Expectations of interest rate cuts by the Federal Reserve have created a favorable external environment for the RMB [1][2]. Internal Factors - China's economy has shown stable growth, with significant increases in industrial output and retail sales, contributing to the support of the RMB [1]. - New economic drivers such as industrial robots and new energy vehicles are performing well, aiding in the structural transformation and innovation of the economy [1]. - The positive performance of the Chinese capital market has led to increased cross-border capital inflows, further supporting the RMB [1].

Core Viewpoint - The Chinese yuan (RMB) has strengthened against the US dollar, with the central bank's actions influencing the exchange rate and liquidity in the market [1] Exchange Rate Summary - On August 7, the RMB to USD central parity rate was reported at 7.1345, an increase of 64 basis points, marking the highest level since November 6, 2024 [1] - As of 9:32 AM, the onshore RMB to USD rate was 7.1822, while the offshore RMB to USD rate was 7.1846 [1] Central Bank Operations Summary - On August 7, the central bank conducted a 7-day reverse repurchase operation with a fixed rate and quantity, amounting to 160.7 billion yuan, at an interest rate of 1.40% [1] - The total bid amount for the operation was 160.7 billion yuan, resulting in a net withdrawal of 122.5 billion yuan for the day [1]

Core Viewpoint - The People's Bank of China announced a depreciation of the RMB against the USD, with the central parity rate set at 7.1494, a decrease of 53 basis points from the previous trading day [1] Exchange Rate Summary - The central parity rate for the RMB against the USD on July 31 was 7.1494, down from 7.1441, marking a depreciation of 53 basis points [1] - In July, the RMB appreciated by a total of 92 basis points against the USD [1] - As of 9:40 AM on the same day, the onshore RMB was quoted at 7.1930, reflecting a daily depreciation of 0.02%, while the offshore RMB was at 7.1987, with a daily depreciation of 0.19% [1]

国家外汇管理局副局长、新闻发言人李斌7月22日在国新办新闻发布会上表示，上半年人民币 汇率保持 基本稳定。今年上半年人民币对美元汇率升值1.9%。上半年人民币对美元汇率在7.15到7.35区间双向浮 动，既在合理均衡水平上保持了基本稳定，也发挥了调节宏观经济和国际收支自动稳定器的作用。 ...

Group 1 - In the first half of 2025, the RMB to USD exchange rate experienced a cumulative appreciation of over 1.82%, with a closing rate of 7.1656 on June 30 [1] - The lowest point of the RMB to USD exchange rate was 7.3506 on April 9, while the highest point was 7.1565 on June 26, resulting in a fluctuation range of 2.6% for the first half of the year [1] - The report from Industrial Bank Research indicates that the "Trump trade" affecting the USD exchange rate continued until January 2025, followed by a decrease in the USD to RMB central rate due to the lack of announced tariff measures [1] Group 2 - In June, the RMB to USD exchange rate appreciated by 0.4%, marking two consecutive months of strengthening [2] - The macro team at CITIC Securities noted that the RMB exchange rate exhibited characteristics of "low volatility and resilience" amid a weaker USD, with the USD to RMB exchange rate remaining stable within the 7.17-7.18 range [2] - The People's Bank of China emphasized the need to enhance the resilience of the foreign exchange market and stabilize market expectations, indicating a marginally more relaxed stance compared to the previous quarter [2] Group 3 - Looking ahead to the second half of 2025, the USD to RMB exchange rate is expected to show a fluctuating trend, with strong resistance/support levels at the previous high of 7.35 and the low of 7.00 from 2024 [3]

4月，受美国大幅上调对华关税的影响，人民币对美元汇率一度跌至1美元兑换7.35元以上，创下17年来 的低点。目前已经比这一水平上涨约2％，人民币贬值压力较之前有所缓解…… 在5月13日的上海外汇市场上，人民币对美元汇率一度升至1美元兑7.185元，创下2024年11月以后半年 来的人民币升值、美元贬值水平。中美两国政府就相互征收的额外关税下调115％达成一致。由于市场 认为中国经济的下行风险减弱，回购人民币的动向十分明显。 5月13日，上海股票市场也小幅连续上涨，上海综合指数报收于3374.8707点，创下两个月以来的新高。 SMBC日兴证券的高级中国策略师Jeremy Yeo表示，由于中美达成协议，"投资者暂时普遍感到安心"。 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 日经中文网 https://cn.nikkei.com 在中美两国政府宣布下调额外关税之前，人民币汇率徘徊在1美元兑7.215至7.219元的水平。 5月12 日相关消息公布后，汇率水平逐步升高，当晚的夜间交易以1美元兑换7.2075元收盘。 在5月13日的 日间交易中，人民币仍延续升值趋势。 4月，受美国大幅 ...

Group 1 - The Chinese yuan against the US dollar reached a six-month high during intraday trading, indicating a strengthening of the yuan [1] - The offshore yuan market surpassed the 7.2 mark, reflecting increased demand for the Chinese currency [1]