I'm LongbridgeAI, I can summarize articles.(ETNet News Agency, Special Report on the 13th) The RMB to USD midpoint rate was quoted at 6.7152 today, rising 22 pips from the previous trading session. This marks the second consecutive daily increase and hits a new high since November 3, surpassing the one-week mark, though it was approximately 400 pips weaker than market forecasts.
The RMB to USD spot rate (CNY) opened 11 pips lower this morning at 6.6700, compared to the previous session's closing spot rate of 6.6689.
Market participants stated that as the market reassesses the pace of Federal Reserve policy, the US Dollar Index is likely to maintain its strong momentum in the short term, putting slight pressure on the RMB. However, the overall impact of external disruptions on the RMB remains limited, with changes in supply and demand and signals from the midpoint rate continuing to dominate the market.
In its monthly outlook, the Financial Markets Department of China Construction Bank pointed out that fundamental resilience remains the underlying support for RMB appreciation. It expects the broader direction of RMB appreciation to remain unchanged, although the pace of appreciation has slowed significantly in recent times. November is expected to be characterized by enhanced bidirectional fluctuations, with a trading range of 6.60–6.72.