--- title: "The index surged over 300 points, and the onshore RMB to USD exchange rate rose to a new high in more than three years" type: "News" locale: "en" url: "https://longbridge.com/en/news/282006675.md" description: "On April 8th, the onshore RMB to USD exchange rate surged significantly, reaching a high of 6.8243 during the trading session, an increase of over 350 points compared to the previous trading day, marking a new high for 2023. The US dollar index fell sharply due to the easing situation in the Middle East, which positively influenced the RMB exchange rate. Analysts pointed out that the stabilization of the external economic and trade environment and continued growth in exports will provide support for the RMB exchange rate" datetime: "2026-04-08T08:50:27.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/282006675.md) - [en](https://longbridge.com/en/news/282006675.md) - [zh-HK](https://longbridge.com/zh-HK/news/282006675.md) --- # The index surged over 300 points, and the onshore RMB to USD exchange rate rose to a new high in more than three years With the easing of the situation in the Middle East, the US dollar has weakened, leading to a significant rise in the renminbi exchange rate. On April 8, the onshore renminbi to US dollar exchange rate peaked at 6.8243 during the trading session, a surge of over 350 points compared to the previous trading day's closing price of 6.8597. At 16:30, the daily report was 6.8274, an increase of 323 points from the previous trading day, marking a new high since February 15, 2023. The offshore renminbi to US dollar exchange rate, which reflects international investor expectations, also saw a significant rise, peaking at 6.8215 during the trading session, appreciating over 300 points compared to the previous trading day. The US dollar index fell sharply on April 8, dropping to a session low of 98.6838, with an intraday decline exceeding 0.9%. Wang Qing, chief macro analyst at Dongfang Jincheng, pointed out that the easing of the situation in the Middle East has led to a decrease in safe-haven demand, causing the US dollar index to drop significantly today, which in turn has driven a strong appreciation of major non-US currencies, including the renminbi. Overall, during the recent outbreak of geopolitical risks in the Middle East, the global foreign exchange market has shown significant volatility, with the renminbi trending steadily stronger. The CFETS index, which represents the overall exchange rate level, has steadily risen to over a one-year high against a basket of currencies. This is supported by the current stability of China's external economic and trade environment, sustained high growth in exports, and improving domestic consumption and investment growth since the beginning of the year, providing strong support for the renminbi exchange rate. According to Xinhua News Agency, on the evening of April 7 local time, US President Trump stated on social media that after a phone call with Pakistan, he agreed to suspend bombings and attacks on Iran for two weeks, provided that Iran agrees to "fully, immediately, and safely" open the Strait of Hormuz. Wang Qing believes that looking ahead, considering the expected continuation of the stabilization of the external economic and trade environment in the near future, exports will maintain rapid growth, and domestic demand expansion policies will further take effect. Coupled with high market sentiment, the renminbi is likely to continue its steady and strong trend amid significant fluctuations in the US dollar index ### Related Stocks - [83122.HK](https://longbridge.com/en/quote/83122.HK.md) - [UUP.US](https://longbridge.com/en/quote/UUP.US.md) - [03161.HK](https://longbridge.com/en/quote/03161.HK.md) - [03122.HK](https://longbridge.com/en/quote/03122.HK.md) - [83161.HK](https://longbridge.com/en/quote/83161.HK.md) - [USDU.US](https://longbridge.com/en/quote/USDU.US.md) ## Related News & Research - [SNAPSHOT-Thai baht/US dollar steady on Thursday](https://longbridge.com/en/news/284677281.md) - [What the Fed has seen about the war's impact on the economy so far](https://longbridge.com/en/news/284540284.md) - [Interest rates expected to be held as uncertainty over Iran war continues](https://longbridge.com/en/news/284657425.md) - [Why the Real Story Behind the UAE’s OPEC Exit is Petrodollar Diplomacy](https://longbridge.com/en/news/284426472.md) - [Mortgage rates surge to nearly four-week high as Iran headlines impact markets](https://longbridge.com/en/news/284620133.md)