The RMB to USD exchange rate has risen above 6.74, reaching a new high in three and a half years.

The exchange rate of the RMB against the US dollar has broken through the 6.74 threshold in both onshore and offshore markets. On August 17, the spot exchange rate of the RMB against the US dollar surged past 6.74 during intraday trading, reaching a high of 6.7393 at the time of publication, the highest since early February 2023. In the offshore market, the RMB against the US dollar also broke through the 6.74 level. On August 17, the offshore RMB exchange rate against the US dollar, which more accurately reflects the expectations of international investors, peaked at 7.3875 during intraday trading, also setting a new high in three and a half years.