The yuan has broken through the 6.7 threshold; industry insiders project the exchange rate will follow a "rise first, stabilize later" pattern this year.
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According to Bitget market data, the RMB exchange rate saw a major breakthrough today: both onshore and offshore RMB spot rates against the US dollar broke through the 6.70 threshold during intraday trading. The offshore RMB hit an intraday high of 6.6933, while the onshore RMB peaked at 6.6964, both reaching their highest levels since February 2023. Regarding the RMB’s trend for the rest of this year, Wang Qing, chief macro analyst at Oriental Jincheng, noted that the RMB exchange rate is expected to maintain a stable and slightly strong trajectory in the short term. Going forward, attention will focus on factors such as changes in China’s export growth rate and monetary policy adjustments by major overseas economies, which will impact the US dollar index. On the operating rhythm, Wang Qing expects the RMB will generally maintain a pattern of fluctuating inversely with the US dollar, with relatively small volatility. “The core fluctuation range of the RMB exchange rate before the end of the year is projected to be between 6.7 and 6.9. The full-year RMB exchange rate trend may be ‘rise first, then stabilize’.”
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