The onshore and offshore RMB exchange rates against the US dollar have surpassed the 7.15 mark.
On July 24th, the spot exchange rate of the RMB against the US dollar opened at a level above 7.15, breaking through this mark and reaching a new high since November 11th, 2024. The offshore RMB exchange rate against the US dollar, which better reflects the expectations of international investors, reached a peak of 7.14395 on July 24th, setting a new high since November 2024.
The US dollar index has been continuously declining since July 18th. On July 23rd, the US dollar index continued to fall. By the end of the New York foreign exchange market, the US dollar index, which measures the value of the US dollar against six major currencies, dropped by 0.18% on the day and closed at 97.214.
On July 22nd, Li Bin, the deputy director and spokesperson of the State Administration of Foreign Exchange, stated at a press conference held by the State Council Information Office that, in general, the high-quality economic development, the steady advancement of opening-up, and the continuous strengthening of the resilience of the foreign exchange market are three favorable factors that will support the stability of China's foreign exchange market. The RMB exchange rate is expected to remain basically stable at a reasonable and balanced level.
