according to data, the central parity rate of the RMB against the US dollar was raised by 86 basis points to 7.1833, the highest since April 2, with the largest increase since January 21.

Wang Qing, chief macro analyst at Orient Securities, analyzed that the recent strength of the RMB exchange rate is mainly driven by two factors: first, the depreciation of the US dollar has pushed the RMB against the US dollar to passively appreciate, with market expectations of increased US government fiscal deficits and debt intensifying, leading to a sharp decline in the US dollar index in the near term, which is pushing up non-US currencies, including the RMB; second, the recent implementation of more proactive macroeconomic policies domestically has enhanced the resilience of the domestic macroeconomy against external fluctuations, providing intrinsic support for the RMB exchange rate. Wang Qing predicts that in the future, the RMB is more likely to undergo a two-way fluctuation process opposite to the trend of the US dollar, but the fluctuation amplitude will be relatively small, and compared to other major currencies, the RMB trend will be more stable.