◎记者 范子萌 春节将至，人民币强势破关。2月12日，在岸、离岸人民币对美元汇率双双升破6.90关口，盘中创下 2023年4月以来新高。 这轮自去年末悄然启动的升值行情，正引发市场广泛关注：人民币的强势，成色几何？行情是否可持 续？ 从市场归因来看，结汇盘集中释放是本轮人民币走强的核心驱动力。东方金诚首席宏观分析师王青对上 海证券报记者表示，年末企业结汇需求季节性增加，叠加近期人民币持续升值，此前出口高增所累积的 结汇需求有可能加速释放。 王青提醒，汇率是出了名的"测不准"，外贸企业切忌在人民币汇率波动过程中单边押注，要坚守主业， 适度利用各类外汇市场衍生品工具，控制汇率风险敞口，锁定出口收入，稳定经营预期。对居民来说， 换汇更应以实需为原则。 外部环境变化也为人民币走强提供了助力。王青分析称，近期美国司法部对美联储主席鲍威尔发起刑事 调查，令美联储独立性受到冲击，加之美联储新主席人选的"降息+缩表"主张尚未扭转美元颓势。非美 货币普遍升值，人民币顺势走升。 展望后市，多位专家提醒，人民币汇率走势仍存在较大不确定性，企业和金融机构切忌盲目跟风、赌汇 率走势。 "在当前人民币持续走强过程中，不可忽视未来人民币兑 ...

Core Viewpoint - The Chinese Yuan (RMB) has been appreciating against the US Dollar, breaking significant thresholds and reaching its highest level since May 4, 2023, driven by improved Sino-US trade relations and external economic conditions [1][2]. Exchange Rate Dynamics - On February 12, 2023, the onshore RMB opened at 6.9083 against the USD, peaking at 6.8998, while the offshore RMB reached 6.8964, both marking new highs since May 4, 2023 [1]. - The People's Bank of China set the mid-point exchange rate at 6.9457 RMB per USD, a slight depreciation of 19 basis points from the previous day [1]. Influencing Factors - The RMB's strength is attributed to the stabilization of Sino-US economic relations since November 2025 and a recent criminal investigation into the Federal Reserve Chairman, which has pressured the USD [1][2]. - Increased corporate demand for currency exchange towards the year-end is also contributing to the seasonal strengthening of the RMB, particularly following high export growth [2]. Short-term Outlook - The RMB is expected to remain strong in the short term, supported by continued export growth and high market sentiment, with limited potential for a significant rebound in the USD index [2]. Long-term Considerations - Over the year, the RMB's exchange rate will be influenced by the USD's performance, changes in external trade environments, and domestic growth policies [2][3]. - Potential depreciation pressures on the RMB may arise due to the anticipated stabilization of the USD index in 2026 and the impact of the Federal Reserve's new policies [2][3]. Impact on Trade and Residents - The current appreciation of the RMB is not expected to significantly impact export businesses, although it may affect their exchange rate gains [3]. - For residents, a stronger RMB reduces the cost of currency exchange, benefiting expenses related to travel and education abroad [3]. Policy Implications - The RMB's appreciation provides more flexibility for domestic monetary policy adjustments, potentially easing constraints on interest rate cuts [4]. - The attractiveness of RMB assets may increase due to the currency's appreciation, although the impact on cross-border capital flows remains limited [5].

美元指数小幅转涨，最新上涨0.03%，报96.94。 来源：滚动播报 ...

美元指数DXY短线波动暂不大，最新报96.78。 本文源自：金融界AI电报 ...

2026.02. 12 本文字数：2679，阅读时长大约5分钟 作者 | 第一财经 杜川 春节临近，人民币汇率一路"昂首向上"。2月12日，在岸、离岸人民币对美元汇率盘中双双升破6.9 整数关口，并创下阶段性新高，成为节前金融市场的一大亮点。 同日，中国人民银行授权中国外汇交易中心公布，当日银行间外汇市场人民币汇率中间价为1美元对 人民币6.9457元，相较前一交易日中间价6.9438，调贬19基点。 多位市场分析人士认为，本轮人民币走强得益于外部环境改善、美元走弱、企业结汇需求释放、市场 情绪升温等多重利好因素共振，与此同时，人民币对美元中间价持续向偏弱方向调控，意在引导市场 预期，防范短期内人民币过快升值。 随着9天春节长假临近，春节期间汇率将如何演绎？是否适合持汇过节等问题也成为当前市场关注的 焦点。 节前人 民币走强 最近一段时间，人民币汇率保持韧性，在岸与离岸联动走强，趋势高度一致，是内外部环境、跨境资 金流入、市场预期共同作用的结果， 数据显示，人民币汇率自2025年12月底升破7.0关口后，2026年初延续升值趋势。 "近期人民币对美元持续升值，延续了2025年12月以来的偏强走势。"东方金诚首 ...

Core Viewpoint - The recent strengthening of the RMB against the USD is influenced by multiple factors, including improved external conditions, a weaker USD, and increased corporate demand for currency exchange, while the People's Bank of China is managing the RMB's midpoint rate to prevent rapid appreciation [1][2][7]. Group 1: RMB Exchange Rate Dynamics - The RMB has recently appreciated, with both onshore and offshore rates breaking the 6.9 mark against the USD, marking a significant pre-holiday financial market highlight [1]. - The midpoint rate for the RMB against the USD was set at 6.9457 on February 12, a depreciation of 19 basis points from the previous day [1]. - Analysts attribute the RMB's strength to a combination of external environment improvements, a weaker USD, and seasonal corporate currency exchange demands [2][3]. Group 2: Factors Influencing Exchange Rate During Spring Festival - Key factors affecting the RMB exchange rate during the Spring Festival include changes in the US-China interest rate differential, the USD index, domestic cross-border capital flows, and market expectations regarding economic policies [3][4]. - The market is expected to remain optimistic, with continued corporate demand for currency exchange leading up to the holiday, while the likelihood of a significant rebound in the USD index is low [4]. Group 3: Implications for Residents and Businesses - For residents, the appreciation of the RMB reduces currency exchange costs, making it a favorable time for overseas travel and study, but decisions should be based on actual needs rather than speculation [5][6]. - For foreign trade enterprises, the RMB's appreciation may affect exchange rate gains, but it is not expected to significantly impact export levels; businesses are advised to manage foreign exchange risks through hedging strategies [6][7]. Group 4: Policy and Future Outlook - The People's Bank of China has been adjusting the RMB midpoint rate to guide market expectations and prevent rapid appreciation, indicating a focus on maintaining stability in the exchange rate [7][8]. - Future RMB exchange rate movements will depend on the USD's performance, external economic conditions, and the effectiveness of domestic growth policies, with predictions suggesting a range of 6.85 to 7.05 in February [8].

春节前夕，人民币汇率强势行情持续演绎。 21世纪经济报道记者注意到，2月12日，在岸、离岸人民币对美元汇率盘中双双升破6.9整数关口，刷新 2023年4月以来新高。 Wind数据显示，离岸人民币对美元汇率当天以6.9061开盘，盘中最高升至6.8964，创下2023年4月以来 新高；在岸人民币对美元汇率同样在盘中升破6.9关口，最高至6.8998。 王青分析认为，首先，外部环境改善是人民币走强的重要背景。2025年11月以来，中美经贸关系回稳， 我国整体外部环境趋于缓和。 展望后市，王青认为，春节前后人民币仍将处于偏强运行状态。 "考虑到一季度我国出口还会保持较快增长，企业结汇需求有可能持续释放，市场情绪偏高，再加上短 期内美元指数大幅反弹的可能性不大，预计春节前后人民币还会处在一个偏强运行状态。"他同时提 示，2025年12月以来人民币对美元中间价已持续向偏弱方向调控，"旨在引导市场预期，防范短期内人 民币过快升值"。 其次，美元弱势为非美货币打开升值空间。"近期美国司法部对美联储主席鲍威尔发起刑事调查，美联 储独立性受到更大冲击，美元承压；美联储新主席人选的'降息+缩表'主张尚未扭转美元颓势。"王青表 示 ...

摘要 2025年，人民币表现出较强的韧性，人民币有效汇率指数呈现出"先降后升"的走势。 人民币对美元出现明显的"补涨"行情。与美元指数的快速回落相比，人民币对美元汇率在2025年前四个 月表现得相对"克制"。自5月起，人民币对美元汇率呈现单边上涨趋势。 我们认为，在这一轮人民币升值的背后存在两条结构性主线。第一条是中国宏观政策持续落地后，经济 预期和资本市场风险偏好改善，带动人民币资产价格修复。第二条线索是中国出口在全球贸易战背景下 保持强大的韧性，贸易顺差规模达到历史高位，为人民币汇率提供坚实支撑。 人民币对美元汇率突破7这一关键心理关口后，市场关于"人民币是否会持续升值""是否应该大幅升 值"等讨论迅速升温。我们认为，随着中国经济基本面的持续改善，人民币汇率有望继续温和升值，同 时中国宏观环境的改善需要财政与货币政策保持相应的政策力度、维持合适的节奏，并形成良好的政策 协同。 正文 一、2025年人民币有效汇率指数呈现"先降后升"走势 2025年，从内部来看，中国经济存在"供强需弱"的结构性矛盾，坚持内需主导和创新驱动是2026年中国 经济工作重点任务之首。从外部来看，国际经贸斗争与科技博弈变得更为长期化 ...

每经AI快讯，2月12日，美元指数DXY短线走高10点，现报96.97。 ...

来源：滚动播报 美元指数DXY短线走高10点，现报96.97。 ...