RMB Exchange Rate Against US Dollar Rises Above 6.8, Reaching New High Since February 2023

(Central News Agency, Taipei, 11th) The RMB exchange rate against the US dollar strengthened significantly today. The onshore rate directly rose to the integer mark of 6.8 yuan to 1 US dollar at opening, and even touched 6.79 during trading, setting a new high since February 2023. As for the offshore rate, it also rose to 6.7912 during trading today, also setting a new high since February 2023.

According to comprehensive reports from Chinese financial media such as The Paper, in addition to the above exchange rates, the RMB exchange rate against the US dollar central parity rate, announced daily by the People's Bank of China, also rose to 6.8467 today, setting a new high since March 24, 2023.

According to reports, the RMB exchange rate against the US dollar has shown a continuous appreciation trend recently. The offshore rate first broke 6.8 on May 7, marking the first challenge to the 6.8 mark in this wave of appreciation; the onshore rate broke 6.8 today, with both breaking the 6.8 mark.

Regarding this strong appreciation of the RMB, Huatai Securities analyzed that with the uncertain situation in the Middle East, the US dollar has recently weakened, causing the RMB exchange rate to return to an appreciation trend. Coupled with better-than-expected Chinese export performance and continuous foreign capital inflow expecting RMB appreciation, it is expected to accelerate the RMB's appreciation.

The report mentioned that Huatai Securities currently maintains its judgment that the RMB exchange rate against the US dollar will appreciate by 4% to 5% within one year, with a target price of 6.4 to 6.5 yuan to 1 US dollar. (Editors: Chiu Kuo-chiang / Tang Pei-chun) 1150511

Choose to stand with facts, every sponsorship you make is a force to protect press freedom.

Download the Central News Agency 'First-hand News' APP to get the latest news instantly.

Text, images, and audio/video on this website may not be reproduced, publicly broadcast, or publicly transmitted and used without authorization.