Renminbi strengthened further on Aug. 10. The renminbi central parity was set 20bp stronger at 6.7884 per dollar, the strongest since Feb. 10, 2023. Onshore renminbi traded as strong as 6.7429 intraday, a high since Feb. 6, 2023; at the time of writing it was 6.7458 per dollar. Lian Ping, chairman of the China Chief Economists Forum, said a phase of dollar weakness has been the primary catalyst, citing three factors: US-Japan joint intervention in the yen and the yen’s short-term rebound weighin

Renminbi strengthened further on Aug. 10. The renminbi central parity was set 20bp stronger at 6.7884 per dollar, the strongest since Feb. 10, 2023. Onshore renminbi traded as strong as 6.7429 intraday, a high since Feb. 6, 2023; at the time of writing it was 6.7458 per dollar. Lian Ping, chairman of the China Chief Economists Forum, said a phase of dollar weakness has been the primary catalyst, citing three factors: US-Japan joint intervention in the yen and the yen’s short-term rebound weighing on the dollar index; easing Middle East geopolitical risk reducing safe-haven flows; and weak US macro data exacerbating dollar weakness and supporting broad gains in non-dollar currencies.