Onshore and Offshore RMB Exchange Rates Against the US Dollar Surpass 7.16, Reaching Over Seven-Month High

According to Jinse Finance, today the onshore and offshore RMB/USD exchange rates both broke through the 7.16 mark, with intraday highs reaching 7.1565, setting a new high since mid-November last year. As of 16:30, the onshore RMB/USD spot exchange rate closed at 7.1684, up 29 basis points from the previous trading day, with the closing price also marking a new high since November 11, 2024. The offshore RMB/USD exchange rate, which more closely reflects international investor expectations, also broke through the 7.16 mark during intraday trading on June 26, with the highest point reaching 7.1524, likewise setting a new high since mid-November last year. Since the beginning of this year, the RMB/USD central parity rate has appreciated by 0.37%, the onshore RMB/USD spot rate has appreciated by nearly 1.8%, and the offshore RMB/USD rate has appreciated by more than 2.3%. (The Paper)