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

Onshore and offshore RMB to USD exchange rates reached a new high for the first time in 14 months. According to data from China Monetary Network, the onshore RMB to USD spot exchange rate rose to a maximum of 7.0500 during trading, marking the first time since October 9, 2024, that it reached the 7.05 threshold. In the offshore market, according to Sina's quotation, the offshore RMB to USD exchange rate peaked at 7.046 during trading on December 15, setting a new high since early October 2024.

As for the middle rate, on December 15, the RMB to USD middle rate was reported at 7.0656, a depreciation of 18 basis points.