Both onshore and offshore RMB exchange rates against the US dollar hit a 14-month high.

According to ME, on December 15th (UTC+8), both onshore and offshore RMB exchange rates against the US dollar reached a 14-month high. Data from China Foreign Exchange Trading System (CFETS) shows the RMB spot exchange rate against the US dollar rose to a high of 7.0500 during trading, the first time it has touched the 7.05 mark since October 9th, 2024. In the offshore market, according to Sina's quotes, the offshore RMB exchange rate against the US dollar rose to a high of 7.046 during trading on December 15th, a new high since early October 2024. Regarding the central parity rate, the RMB against the US dollar was set at 7.0656 on December 15th, a depreciation of 18 basis points. (Source: ME)