On September 18, the RMB exchange rate ushered in an important breakthrough. The offshore and onshore RMB exchange rates against the US dollar both rose above the 6.70 mark. Wang Qing, chief macro analyst at Dongfang Jincheng, said that two major factors are driving the strengthening of the RMB. One is that the US dollar index rose and fell overnight after the effects of the Federal Reserve's interest rate hike were released; second, the central price of the RMB continued to adjust in a strong direction recently. In terms of future market research, Wang Qing determined that the RMB exchange rate is expected to continue to be stable, moderate, and strong in the short term. In the future, it is necessary to focus on tracking changes in the domestic export growth rate, as well as changes in the US dollar index driven by monetary policy adjustments in major overseas economies.

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