The onshore RMB exchange rate rose sharply in the morning.

On May 12th, the Renminbi to US Dollar exchange rate on the interbank foreign exchange market soared. According to Wind data, as of 9:34, the onshore Renminbi to US Dollar exchange rate was reported at 7.2289, up 172 basis points from the previous closing price, while the offshore Renminbi to US Dollar exchange rate was reported at 7.2271, up 132 basis points from the previous closing price. Data from China Money Network shows that on May 12th, the midpoint of the Renminbi to US Dollar exchange rate was reported at 7.2066, up 29 basis points from the previous trading day.