Market Overview - In December 2025, the RMB exchange rate fluctuated within the range of 6.9755 to 7.0794, showing an overall appreciation[2] - The onshore RMB rate fluctuated between 6.9890 and 7.0725, while the offshore RMB rate ranged from 6.9755 to 7.0720[2] - The US unemployment rate rose to 4.6% in November 2025, the highest since October 2021, contributing to expectations of a Fed rate cut[2][3] - The US CPI increased by 2.7% year-on-year in November, with core CPI rising by 2.6%, both down from September figures[2] Future Outlook - The RMB exchange rate is expected to maintain a range of 6.90 to 7.05 in January 2026, with dual-directional fluctuations anticipated[1][4] - China's GDP growth rate for the first three quarters of 2025 was 5.2%, with exports increasing by 5.4% year-on-year, indicating stable economic performance[4] - The Fed's expectation of continued rate cuts is decreasing, which may impact the RMB's stability[4][6] - Increased complexity in the international political environment and capital market volatility may create speculative opportunities, affecting the RMB exchange rate[6]