Multiple factors drive the strengthening of the renminbi, with "two-way fluctuation" remaining the main tone.

Jin10 data August 26th - Since last Friday when Fed Chairman Powell "dove" to the global market, on August 25th, the onshore RMB against the USD rose strongly, continuously breaking through multiple levels at the opening, closing at 7.1517, which is an increase of 288 basis points compared to the previous trading day's closing price. Analysts believe that the strengthening of the RMB is driven by multiple factors including the retreat of the US dollar index, a significant adjustment in the midpoint, and a warming sentiment in the capital market. Looking ahead, the trend of the US dollar index remains a key variable in the global forex market, but the core factor determining the RMB exchange rate is still its endogenous momentum. Under the combined influence of internal and external factors, "stable with a rise" and "two-way fluctuation" will still be the main tone of the RMB exchange rate trend.