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RMB Trend | CNY Closes Up 185 Basis Points, Expected to Continue Wide-Range Volatility
The onshore RMB against the US dollar closed up 185 pips, approaching 6.88 at one point, with a high of 6.8802.
The onshore RMB closed at 6.8877, compared to 6.9062 at 4:30 PM yesterday, up 185 pips or 0.27%; compared to the last trade at 6.8795 at 11:30 PM, it weakened by 82 pips.
The offshore CNH also rose to 6.88, with a high of 6.8809. As of 4:52 PM Hong Kong time, the offshore rate was 6.8923, and the onshore rate was 6.8878.
The official midpoint rate today was set at 6.8943, up 98 pips from yesterday.
Traders noted that the Middle East tensions eased slightly amid comments from US President Trump regarding US-Iran “talks,” but uncertainty remains high. The RMB is expected to continue wide fluctuations until the situation clarifies.
Another trader believes that the market currently trusts that the US and Iran are engaging in talks, but Brent crude prices remain above $100 per barrel. The negative impact of high oil prices on net oil-importing economies like China is gradually becoming evident, which could also weaken the fundamentals supporting RMB appreciation.