The RMB exchange rate hits a three-and-a-half-year high: Three main reasons for the strong breakout of the RMB

According to Gate market data, the RMB exchange rate continues to perform strongly. On August 10, the RMB central parity against the US dollar was raised by 20 basis points to 6.7884, the highest since February 10, 2023. The onshore RMB against the US dollar reached a peak of 6.7429 during trading, setting a new high since February 6, 2023. As of the time of writing, the latest onshore RMB exchange rate is 6.7458.

Lian Ping stated that the temporary weakening of the US dollar is the primary catalyst for the appreciation of the RMB.