Core Points - The People's Bank of China authorized the release of the market exchange rates for the Chinese Yuan against various currencies on October 13 [1] Exchange Rates Summary - The central parity rates for the Chinese Yuan against major currencies are as follows: - 100 USD = 710.07 CNY - 100 EUR = 825.24 CNY - 100 JPY = 4.6845 CNY - 100 HKD = 91.251 CNY - 100 GBP = 948.74 CNY - 100 AUD = 462.27 CNY - 100 NZD = 407.58 CNY - 100 SGD = 548.37 CNY - 100 CHF = 886.55 CNY - 100 CAD = 508.1 CNY - 100 MOP = 112.94 CNY - 100 MYR = 59.306 CNY - 100 RUB = 1147.34 CNY - 100 ZAR = 244.84 CNY - 100 KRW = 20047 CNY - 100 AED = 51.633 CNY - 100 SAR = 52.734 CNY - 100 HUF = 4748.77 CNY - 100 PLN = 51.65 CNY - 100 DKK = 90.48 CNY - 100 SEK = 133.68 CNY - 100 NOK = 142.05 CNY - 100 TRY = 587.718 CNY - 100 MXN = 260.32 CNY - 100 THB = 458.51 CNY [2]

Core Points - The People's Bank of China authorized the China Foreign Exchange Trade System to announce the central parity rate of the RMB against the USD at 7.1007 on October 13, an increase of 41 basis points from the previous day's rate of 7.1048 [1] - As of 9:45 AM, the onshore RMB was trading at 7.1284 against the USD, appreciating by 0.11% during the day [1] - The offshore RMB was trading at 7.1355 against the USD, appreciating by 0.17% during the day [1]

Core Points - The central bank of China announced that the RMB to USD exchange rate midpoint is set at 7.1007 yuan per dollar, reflecting an increase of 41 basis points [1]. Group 1 - The People's Bank of China authorized the China Foreign Exchange Trade System to publish the exchange rate [1]. - The adjustment in the exchange rate indicates a strengthening of the yuan against the dollar [1].

Core Points - The central exchange rate of the Chinese yuan against the US dollar is reported at 7.1007, which is an increase of 41 basis points from the previous trading day [1] Exchange Rate Summary - As of October 13, 2025, the exchange rates are as follows: - 1 USD = 7.1007 CNY - 1 EUR = 8.2524 CNY - 100 JPY = 4.6845 CNY - 1 HKD = 0.91251 CNY - 1 GBP = 9.4874 CNY - 1 AUD = 4.6227 CNY - 1 NZD = 4.0758 CNY - 1 SGD = 5.4837 CNY - 1 CHF = 8.8655 CNY - 1 CAD = 5.0810 CNY - 1 MOP = 1.1294 CNY - 1 MYR = 0.59306 CNY - 1 RUB = 11.4734 CNY - 1 ZAR = 2.4484 CNY - 1 KRW = 200.47 CNY - 1 AED = 0.51633 CNY - 1 SAR = 0.52734 CNY - 1 HUF = 47.4877 CNY - 1 PLN = 0.51650 CNY - 1 DKK = 0.9048 CNY - 1 SEK = 1.3368 CNY - 1 NOK = 1.4205 CNY - 1 TRY = 5.87718 CNY - 1 MXN = 2.6032 CNY - 1 THB = 4.5851 CNY [2]

Core Viewpoint - The fluctuation of the RMB to USD exchange rate reflects the relative value of currencies and is influenced by various global economic factors, rather than indicating a permanent devaluation of the RMB [1][3]. Impact of Exchange Rate Fluctuations - The rising cost of imported goods, such as milk powder and electronics, is directly linked to the USD's strength, which increases the cost of these items for consumers [3]. - Parents of students studying abroad face increased financial pressure as the cost of living in foreign currencies rises due to the depreciation of the RMB [3]. - For export-oriented companies, a weaker RMB can be beneficial as it makes Chinese goods cheaper for foreign buyers, potentially increasing export orders [3]. Underlying Logic of RMB Exchange Rate Changes - Exchange rate fluctuations are normal and reflect the broader economic environment, including China's strong economic fundamentals and foreign exchange reserves [3][4]. - The RMB's international standing is improving, despite temporary fluctuations caused by global economic conditions and U.S. monetary policy [3][6]. Long-term Outlook - The RMB is expected to remain stable in the long run, supported by China's robust economic foundation and ongoing efforts to enhance the currency's international influence [6][7]. - The increasing use of the RMB in international trade settlements indicates its growing significance and acceptance globally [7]. Recommendations for Individuals - Individuals are advised to stay calm during exchange rate fluctuations and consider strategic currency exchanges when rates are favorable [6]. - It is important to focus on personal financial planning and investment strategies rather than being overly concerned with daily exchange rate changes [9].

Core Insights - In September, the offshore (CNH) RMB depreciated against the USD while the onshore (CNY) RMB appreciated, with a daily average price difference of 67 basis points (BP), a decrease of 13 BP from the previous month [1][3]. Group 1: Offshore RMB Deposits in Hong Kong and Taiwan - As of August 2025, offshore RMB deposits in Hong Kong increased to 967.96 billion yuan, up 3.2% from the previous month, while Taiwan's deposits decreased to 120.59 billion yuan, down 3.0% [2]. Group 2: Offshore RMB Foreign Exchange Market - On September 30, the CNH/USD exchange rate closed at 7.1287, a depreciation of 0.09% from the previous month, while the CNY/USD exchange rate closed at 7.1186, an appreciation of 0.20% [3]. - The CFETS RMB exchange rate index rose by 0.21%, the BIS currency basket index rose by 0.20%, and the SDR currency basket index remained unchanged [3]. Group 3: Offshore RMB Bond Market - In September, the offshore RMB bond market issued 121 bonds, an increase of 11 bonds from the previous month, with a total issuance amount of 291.004 billion yuan, up 77.4% [5]. Group 4: Offshore RMB Money Market - By the end of September, the CNH HIBOR rates for overnight, 7-day, 3-month, and 1-year periods were 1.8127%, 1.6218%, 1.7100%, and 1.9688%, respectively, with changes of +22 BP, +5 BP, -3 BP, and +5 BP compared to the previous month [6]. - The average interest rate differentials between offshore and onshore borrowing rates showed mixed trends, with some periods experiencing declines and others increases [6]. Group 5: Dynamics of Foreign Institutions in Domestic Interbank Market - As of the end of September, the total number of foreign institutions participating in the domestic interbank foreign exchange market reached 237, an increase of 1 from the previous month [7]. - The total number of foreign institutions and their products in the domestic interbank currency market reached 5775, an increase of 20 from the previous month [7]. Group 6: Trading Volume of Foreign Institutions - In the domestic interbank foreign exchange market, the total trading volume for foreign institutions was 33,086.45 billion yuan, a decrease of 11.4% compared to the previous month [8]. - The trading volume in the domestic interbank bond market for foreign institutions totaled 9,648.90 billion yuan, a decrease of 16.6% [8].

Core Viewpoint - The People's Bank of China has authorized the release of the market exchange rates for the Chinese Yuan against various currencies as of October 10, 2023, indicating the current valuation of the Yuan in the foreign exchange market [1]. Exchange Rates Summary - The exchange rate for 100 US dollars is 710.48 Chinese Yuan [2] - The exchange rate for 100 Euros is 823.38 Chinese Yuan [2] - The exchange rate for 100 Japanese Yen is 4.6534 Chinese Yuan [2] - The exchange rate for 100 Hong Kong dollars is 91.296 Chinese Yuan [2] - The exchange rate for 100 British Pounds is 947.31 Chinese Yuan [2] - The exchange rate for 100 Australian dollars is 467.21 Chinese Yuan [2] - The exchange rate for 100 New Zealand dollars is 409.5 Chinese Yuan [2] - The exchange rate for 100 Singapore dollars is 548.09 Chinese Yuan [2] - The exchange rate for 100 Swiss Francs is 883.33 Chinese Yuan [2] - The exchange rate for 100 Canadian dollars is 508.05 Chinese Yuan [2] - The exchange rate for 100 Macanese Patacas is 112.88 Chinese Yuan [2] - The exchange rate for 100 Malaysian Ringgits is 59.247 Chinese Yuan [2] - The exchange rate for 100 Russian Rubles is 1139.27 Chinese Yuan [2] - The exchange rate for 100 South African Rand is 241.56 Chinese Yuan [2] - The exchange rate for 100 South Korean Won is 19882 Chinese Yuan [2] - The exchange rate for 100 UAE Dirhams is 51.559 Chinese Yuan [2] - The exchange rate for 100 Saudi Riyals is 52.658 Chinese Yuan [2] - The exchange rate for 100 Hungarian Forints is 4750.68 Chinese Yuan [2] - The exchange rate for 100 Polish Zlotys is 51.707 Chinese Yuan [2] - The exchange rate for 100 Danish Krone is 90.68 Chinese Yuan [2] - The exchange rate for 100 Swedish Krona is 133.86 Chinese Yuan [2] - The exchange rate for 100 Norwegian Krone is 141.35 Chinese Yuan [2] - The exchange rate for 100 Turkish Lira is 587.238 Chinese Yuan [2] - The exchange rate for 100 Mexican Pesos is 258.31 Chinese Yuan [2] - The exchange rate for 100 Thai Baht is 459.87 Chinese Yuan [2]

Group 1 - The central exchange rate of the Chinese yuan against the US dollar is reported at 7.1048, an increase of 54 basis points from the previous trading day [1] - The previous day's exchange rate for the yuan against the US dollar was 7.1102 [1] Group 2 - The exchange rates for various currencies against the Chinese yuan as of October 10, 2025, include: 1 USD = 7.1048 CNY, 1 EUR = 8.2338 CNY, and 100 JPY = 4.6534 CNY [2] - Additional exchange rates provided include: 1 GBP = 9.4731 CNY, 1 AUD = 4.6721 CNY, and 1 NZD = 4.0950 CNY [2] - The report includes a comprehensive list of exchange rates for multiple currencies, indicating the yuan's value against currencies such as the Singapore dollar, Swiss franc, Canadian dollar, and others [2]

Core Viewpoint - The recent increase in China's foreign exchange reserves to $3.34 trillion contrasts sharply with the depreciation of the RMB against the USD, raising questions about the effectiveness of reserve accumulation in stabilizing the currency [2] Group 1: Data Paradox - The growth in reserves is accompanied by concerns over structural imbalances, with the proportion of USD assets falling to 58% from a peak of 73% in 2014, while holdings in EUR, JPY, and gold have increased to 32% [2] - The opportunity cost of holding USD assets is significant, with a yield of 2.3% compared to 4.8% for 10-year US Treasury bonds, resulting in an annualized opportunity cost exceeding $15 billion [2] - The RMB depreciation is driven by three main factors: widening interest rate differentials, narrowing trade surpluses, and diverging policy expectations [2] Group 2: Arbitrage Opportunities - The onshore-offshore price gap for the RMB has widened, creating an arbitrage opportunity with a potential annualized return of 1.9% [2] - The offshore RMB liquidity has tightened, as indicated by the spike in CNH Hibor to 13.4%, the highest since 2013, increasing the cost of arbitrage [2] - The derivatives market shows a 2.1% arbitrage opportunity between NDF and DF rates, with a significant increase in foreign institutional trading volume [2] Group 3: Policy Responses - The central bank has reactivated counter-cyclical factors in the exchange rate management model, adjusting the counter-cyclical coefficient to 0.8 to limit depreciation [2] - Capital controls have been tightened, requiring banks to conduct thorough reviews of large foreign exchange transactions, particularly in technology and real estate sectors [2] - The central bank has signaled stability by emphasizing the adequacy of reserves to manage short-term fluctuations and has increased gold holdings to diversify reserve assets [2] Group 4: Underlying Contradictions - Concerns about the quality of reserves are rising, particularly regarding the liquidity risks associated with the $1.1 trillion in US Treasury bonds held by China [2] - The balance between market-driven and interventionist approaches in exchange rate formation is challenged, with a significant increase in direct interventions by the central bank [2] - The real effective exchange rate has appreciated by 23% since 2015, impacting export competitiveness and increasing import costs for key commodities [2] Group 5: Future Outlook - Short-term arbitrage opportunities are expected to narrow by Q4 2025 as the US Federal Reserve nears the end of its rate hike cycle [2] - Long-term reforms are anticipated, including optimizing reserve structures and enhancing the flexibility of the RMB exchange rate [2] - The need for a new balance in reserve management, exchange rate mechanisms, and industrial upgrades is emphasized to ensure sustainable financial security [2]

Core Viewpoint - The People's Bank of China announced a depreciation of the RMB against the USD, with the central parity rate set at 7.1102, a decrease of 47 basis points from the previous day's rate of 7.1055 [1] Exchange Rate Performance - As of 9:35 AM on the same day, the onshore RMB was quoted at 7.1334 against the USD, reflecting a depreciation of 0.16% [1] - The offshore RMB was trading at 7.1381 against the USD, showing an appreciation of 0.17% [1] Regulatory Focus - The State Administration of Foreign Exchange emphasized the need to prevent and mitigate external shock risks, aiming to maintain stability in the foreign exchange market and balance in international payments [1] - There is a commitment to closely monitor both internal and external economic and financial conditions, enhancing cross-border capital flow monitoring and early warning systems [1] - The authorities aim to maintain RMB exchange rate flexibility and strengthen counter-cyclical adjustments and expectation management in the foreign exchange market to promote balance in domestic and foreign currency supply and demand [1]