The RMB exchange rate continues to be strong. On August 10, the central price of RMB against the US dollar rose by 20 basis points to 6.7884, the highest since February 10, 2023. On the same day, the onshore renminbi rose to an intraday high of 6.7429 against the US dollar, a new high since February 6, 2023. As of press release, the latest onshore RMB exchange rate was 6.7458. “The gradual weakening of the US dollar is the primary catalyst for this round of RMB appreciation.” Lian Ping, chairman of the China Chief Economists Forum, said in an interview that, on the one hand, the US and Japan jointly interfered with the yen exchange rate, and the short-term rebound of the yen dragged down the weight of the US dollar index; on the other hand, the Middle East's geographical risk cooled down, mitigated risk aversion, and further promoted the US dollar's pullback. Furthermore, weak US macro data has further exacerbated the weakness of the US dollar, giving non-US currencies general momentum to recover.

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