The renminbi breached the 6.70-per-dollar level on both onshore and offshore
spot markets today. Offshore renminbi hit an intraday high of 6.6933, onshore
reached 6.6964 — the strongest levels since Feb 2023. Wang Qing, chief macro
analyst at Dongfang Jincheng, said the renminbi is likely to remain mildly
strong in the near term; key risks include China’s export growth and monetary
policy shifts in major overseas economies that affect the dollar index. He
expects the currency to generally move inversely to the dollar with relatively
small volatility, placing the core year-end trading range at 6.7–6.9 and
describing the full-year path as likely to “rise then stabilize.”
