The RMB exchange rate has reached a new high in 14 months, benefiting from the weakening of the US dollar.
Recently, both onshore and offshore RMB against the US dollar have risen strongly, reaching a new high in 14 months on December 15. Among them, the onshore RMB against the US dollar spot exchange rate rose to a maximum of 7.0500 during the session, marking the first time it has reached the 7.05 level since October 9, 2024; the offshore RMB against the US dollar exchange rate rose to a maximum of 7.046 during the session, also refreshing the high point since early October 2024.
Regarding the future trend of the exchange rate, Paul Mackel, the global head of foreign exchange research at HSBC, clearly stated that the basic view is that the US dollar is expected to weaken generally by the end of this year, and this trend will continue until 2026. A general weakening of the US dollar usually benefits $BTC . On one hand, the depreciation of the US dollar will make BTC's hedging properties as a "non-sovereign asset" more prominent, attracting capital inflows; on the other hand, the liquidity easing environment brought by the Fed's interest rate cuts will reduce the opportunity cost of holding BTC, providing support for its price.
