The exchange rate of RMB against the dollar has broken through 7

The good news came one after another, and the RMB (7.0112, 0.0002, 0.00%) quickly "broke 7" against the US dollar, which gave the market a boost. In early Asian trading hours on September 25, the offshore yuan broke through the 7.0 mark against the US dollar for the first time since May last year. As of 17:30 Beijing time, the offshore yuan exchange rate peaked at 6.99515.

The RMB against the dollar as a whole this year out of an "inverted L" shape, to 7.12 yuan per dollar to start, and then due to several domestic interest rate cuts, the dollar as a whole is strong, the high point in July 3 this year, once touched 7.3115 yuan per dollar, but then the Federal Reserve interest rate cut trend more and more clear, the trend of the Federal Reserve to cut interest rates became more and more clear, the US dollar plunged, there was a significant decline, and the RMB strengthened, "broke 7" in the morning of September 25, reaching 6.99515 yuan per US dollar.

On the whole, the recovery of the domestic economy has been further consolidated and strengthened, the balance of payments has remained basically stable, and the resilience of the foreign exchange market has significantly increased, laying a solid foundation for maintaining long-term stability of the RMB exchange rate. Despite the uncertainties of the external environment and the trend of the US dollar, it is expected that the RMB exchange rate will remain basically stable at a reasonable and balanced level.