I'm LongbridgeAI, I can summarize articles.(Economic Information Agency Special Report, 13th) The RMB Spot Rate against the USD (CNY) closed at 6.6707 today, down 18 basis points from the closing price at 4:30 PM on the previous trading day. It fluctuated between 6.6672 and 6.6744 throughout the day.
The offshore RMB against the USD (CNH) rose 16 basis points to 6.6721.
Today's RMB To USD Midpoint Rate was quoted at 6.7152, up 22 basis points from the previous trading day. This marks the second consecutive daily increase, reaching a new high since November 3rd (over a week), and was approximately 400 basis points weaker than market forecasts.
Market participants stated that speculation on the Federal Reserve's policy path is dominating market sentiment, driving the US Dollar Index and US Treasury yields higher. However, external disruptions have had a relatively limited impact on the RMB, and the currency may continue to consolidate within a range in the short term.
Goldman Sachs' latest research report pointed out that declining inflation and lower energy prices may lead the market to downgrade expectations for further tightening by the Federal Reserve, thereby putting pressure on the USD. Meanwhile, China's expanding trade surplus will support further appreciation of the RMB. Additionally, if the market more quickly questions the "exceptionalism" of the US technology sector, capital may flow out of the USD, potentially leading to a significant adjustment in the greenback.