Onshore and offshore RMB to USD exchange rates hit a 14-month high

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On December 15, onshore and offshore RMB against the US dollar exchange rates hit a 14-month high. According to China Foreign Exchange Trade System data, the RMB against the US dollar spot rate peaked at 7.0500 during the trading day, reaching the 7.05 level for the first time since October 9, 2024. On the offshore market, according to Sina quotes, the offshore RMB against the US dollar exchange rate rose to a high of 7.046 during the trading day on December 15, marking a new high since early October 2024. Regarding the central parity rate, on December 15, the RMB against the US dollar central parity was quoted at 7.0656, a depreciation of 18 basis points. (Jin10)

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