I'm LongbridgeAI, I can summarize articles.(Economic Observer News, Special Report on the 10th) The RMB spot exchange rate against the US dollar (CNY) closed today at 6.6682, up 53 pips from the previous trading day's closing price at 4:30 PM, ending a two-day decline and hitting a new high since November 2, with intraday fluctuations between 6.6672 and 6.6718.
The offshore RMB against the US dollar (CNH) is currently up 45 pips, trading at 6.6654.
Today, the RMB To USD Midpoint Rate was quoted at 6.7167, up 21 pips from the previous trading day, ending a two-day decline, but remaining about 510 pips weaker than market forecasts.
Market participants stated that the sharp overnight drop in international oil prices, combined with the surge in US stocks, led to a significant rebound in market risk appetite, putting pressure on the US Dollar Index and causing the RMB to rise slightly. With US inflation data imminent, if inflation remains elevated, it could disrupt market risk sentiment. China's latest October trade surplus exceeded $100 billion, but the direct impact of this data on the foreign exchange market is limited.
A trader at a foreign bank remarked, "The RMB is still in a phase of gradual appreciation. The policies introduced by the PBOC last week were intended to signal to the market that the RMB should not appreciate too quickly."