Recently, onshore and offshore renminbi both broke through the 6.70 mark against the US dollar, setting a new high since January 2023, allowing a group of investors who previously bought US dollar deposits to “break through”. “After two years of saving in dollars, I didn't expect to 'save a lonely'.” Ms. Qiao from Beijing was impressed. Two years ago, she successively exchanged 9,100 US dollars in the exchange rate range of 7.13 to 7.27. Although the interest rate for US dollar deposits was 5.1% in the first year and 3.1% in the second year, book losses caused by exchange rate changes almost offset all of the deposit interest income. Industry insiders warned that if RMB continues to appreciate, even if interest rates on US dollar deposits are high, exchange losses when converted back to RMB may offset or even exceed interest income.

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