At 8-month high, onshore, offshore yuan rises above 7.15 mark against dollar

Renminbi against the dollar exchange rate in the onshore and offshore market once rose above the 7.15 mark.

On July 24, the spot exchange rate of the RMB against the US dollar opened above the 7.15 mark, and as of press time, the intraday maximum rose to 7.1478, once again refreshing a new high since mid-November 2024, and then, the rise of the spot exchange rate of the RMB against the US dollar was narrowed.

More reflecting the expectations of international investors, the offshore yuan against the U.S. dollar exchange rate on July 24 intraday rose as high as 7.14395, a record high since November 2024.

In terms of the intermediate price, on July 24, the intermediate price of the yuan against the U.S. dollar rose 29 basis points to 7.1385, the highest since November 6, 2024, the highest.

The U.S. dollar index has fallen continuously since July 18.On July 23, the dollar index continued to fall, and by the end of the New York exchange market, the dollar index, which measures the greenback against six major currencies, was down 0.18% on the day, ending at 97.214.

Li Bin, deputy director and spokesman for the State Administration of Foreign Exchange (SAFE), said at the State Council Information Office press conference on July 22 that, on the whole, there was a high-quality development of the economy, Steady progress in opening up to the outside world, the foreign exchange market resilience continues to increase, these three favorable factors will support China's foreign exchange market to continue to maintain stable operation, the RMB exchange rate has the conditions to maintain basic stability at a reasonable equilibrium level.

(Source: surging news)