The RMB exchange rate has continued to strengthen recently

On February 24, both the onshore and offshore RMB exchange rates against the US dollar rose above 7.23 during the session. Wind data showed that the onshore RMB exchange rate against the US dollar rose to 7.2278 during the session, the highest since December 2 last year; the offshore RMB exchange rate against the US dollar reached 7.2257 during the session, the highest since November 20 last year.

On February 25, the People’s Bank of China authorized the China Foreign Exchange Trading Center to announce that the RMB exchange rate in the interbank foreign exchange market was 7.1726 yuan per US dollar, a 9 basis point depreciation from the previous trading day’s central parity of 7.1717 yuan.