The multilateral exchange rate rose and the three major RMB exchange rate indexes hit a new high in over half a year.

The latest data released by the China Foreign Exchange Trading Center shows that last week, the three major RMB indices all rose, reaching new highs since April 2025. Among them, the CFETS RMB exchange rate index was 97.96, the BIS currency basket RMB exchange rate index was 104.19, and the SDR currency basket RMB exchange rate index was 92.34. In the current context of increased complexity in the external environment, a basket of exchange rate indices has become a key indicator for observing the true trend of the RMB. Industry experts believe that the further appreciation of the RMB against a basket of currencies reflects the relative strength of the RMB against non-US dollar currencies, and also implies that the "RMB exchange rate is basically stable at a reasonable equilibrium level" with a solid foundation.