2、离岸人民币外汇市场 12月，离岸（CNH）人民币兑美元即期汇率升值，在岸（CNY）人民币兑美元即期汇率升值。 即期市场：12月31日，CNH兑美元即期汇率收于6.9755，较上月末升值1.37%；CNY兑美元即期汇率收于6.9890，较上月末升值1.29%；日均平均价差 （CNY-CNH的绝对值）为59BP，较上月增加11BP。CFETS人民币汇率指数、参考BIS货币篮子、参考SDR货币篮子的人民币汇率指数分别为97.64、 104.42、92.45，分别较上月末下降0.29%、下降0.05%、下降0.01%。 汇率衍生品市场：价格方面，CNH 1年期掉期点收于-1277BP，较上月末上升74BP；CNY 1年期掉期点收于-1125BP，较上月末上升171BP。在岸和离岸日均 掉期点差（CNH-CNY）的绝对值为86BP，较上月上升16BP。成交量方面，2025年12月，港交所USD/CNH期货标准合约成交量为178.37万张，较上月减少 6.07%，月末未平仓合约3.23万张，较上月减少5.73%。港交所USD/CNH期权合约成交55张，较上月增加358.3%，月末未平仓合约309张，较上月减少5.2% ...

（文章来源：每日经济新闻） 每经AI快讯，周二（12月30日）纽约尾盘（周三北京时间05:59），离岸人民币（CNH）兑美元报 6.9922元，较周一纽约尾盘涨49点，日内整体交投于7.0025-6.9810元区间。 ...

（文章来源：每日经济新闻） 每经AI快讯，周五（12月26日）纽约尾盘（周六北京时间05:59），离岸人民币（CNH）兑美元报 7.0045元，较周四纽约尾盘跌28点。本周，离岸人民币累计上涨297点，涨幅0.42%。 ...

Core Viewpoint - The offshore Chinese yuan (CNH) appreciated against the US dollar, closing at 7.0193, marking an increase of 118 points from the previous trading day [1] Group 1 - The exchange rate of the offshore yuan against the US dollar was reported at 7.0193 [1] - The increase of 118 points indicates a strengthening of the yuan compared to the previous trading day [1]

（文章来源：每日经济新闻） 每经AI快讯，周五（12月19日）纽约尾盘（周六北京时间05:59），离岸人民币（CNH）兑美元报 7.0342元，较周四纽约尾盘跌15点。 ...

（文章来源：每日经济新闻） 每经AI快讯，周四（12月18日）纽约尾盘（周五北京时间05:59），离岸人民币（CNH）兑美元报 7.0327元，较周三纽约尾盘涨75点。 ...

Core Viewpoint - The offshore Chinese yuan (CNH) against the US dollar reported at 7.0610, showing an increase of 107 points compared to the previous trading day [1]. Group 1 - The offshore yuan appreciated against the US dollar during the New York trading session [1].

Core Insights - In November, both offshore (CNH) and onshore (CNY) RMB appreciated against the USD, with the average daily price difference (absolute value of CNY-CNH) decreasing by 4 basis points to 48 basis points [1][3] - The CFETS RMB exchange rate index and the indices referencing the BIS and SDR currency baskets increased by 0.32%, 0.58%, and 0.22% respectively compared to the end of the previous month [1][3] - The issuance of offshore RMB bonds increased significantly, with 123 bonds issued totaling 2146.27 billion RMB, a rise of 192.28% from the previous month [5] Offshore RMB Foreign Exchange Market - As of November 28, the CNH/USD exchange rate closed at 7.0713, appreciating by 0.72% from the end of the previous month, while the CNY/USD exchange rate closed at 7.0794, appreciating by 0.48% [3] - The average daily price difference between CNY and CNH was recorded at 48 basis points, a decrease of 4 basis points from the previous month [3] Offshore RMB Bond Market - The offshore RMB bond market saw an increase in issuance, with 123 bonds issued in November, up by 46 from the previous month, and the total issuance amount reaching 2146.27 billion RMB [5] Offshore RMB Money Market - By the end of November, the CNH HIBOR rates for overnight, 7-day, 3-month, and 1-year periods were 1.0415%, 1.5806%, 1.7921%, and 1.9554% respectively, with the overnight rate decreasing by 20 basis points [6] - The average interest rate differentials between offshore and onshore borrowing rates showed mixed trends, with some periods experiencing slight decreases and others increases [6] Offshore RMB Derivatives Market - The 1-year CNH swap points were recorded at -1351 basis points, an increase of 98 basis points from the previous month, while the CNY 1-year swap points decreased by 9 basis points to -1296 basis points [4] - The trading volume for USD/CNH futures contracts on the Hong Kong Stock Exchange increased by 9.3% to 1.899 million contracts, while the trading volume for options contracts decreased significantly by 82.6% [4] Dynamics of Foreign Institutions in Domestic Interbank Market - As of the end of November, the total number of foreign institutions participating in the domestic interbank foreign exchange market reached 242, an increase of 3 from the previous month [7] - The total transaction volume of foreign institutions in the domestic interbank foreign exchange market was 25277.30 billion RMB, reflecting a decrease of 8.9% [8]

Core Points - The article discusses the international identity of the Chinese currency, Renminbi (RMB), and its various representations in the global financial system, including the codes CNY and CNH [1][12] - It highlights the importance of understanding these codes for international trade and finance, as well as the growing significance of RMB in global transactions [11][12] Group 1: Currency Codes - The standard international designation for Renminbi is "Chinese Yuan" or "Yuan," with the currency code "CNY" used in financial systems globally [1][12] - "CNY" refers to the Renminbi circulating within mainland China, while "CNH" represents offshore Renminbi, which is traded outside of China and is subject to market fluctuations [2][4] - The distinction between CNY and CNH is crucial for international trade, as their values can differ based on market conditions [4][6] Group 2: Global Recognition - The article emphasizes that RMB has become an important reserve currency, with many countries' central banks holding RMB as part of their foreign exchange reserves [8][11] - The recognition of "Yuan" as a term in English dictionaries indicates the international acceptance of the currency, reflecting China's growing economic influence [8][11] - The standardization of currency codes by the International Organization for Standardization (ISO) helps avoid confusion in international trade and finance [5][8] Group 3: Practical Implications - Understanding the currency codes is essential for individuals involved in international transactions, as it can prevent financial losses due to misunderstandings [5][9] - The article suggests that knowledge of these codes enhances professionalism and awareness in international financial dealings [12] - The increasing use of RMB in international payments signifies the need for individuals to familiarize themselves with its international designations [11][12]

Group 1 - The offshore Chinese yuan (CNH) against the US dollar was reported at 7.0824, showing an increase of 238 points compared to the previous trading day [1]