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The renminbi rises strongly and breaks through the 6.5 mark, a new high in nearly two and a half years

The market continues to pay attention to the U.S. fiscal stimulus plan, coupled with the start of vaccination in the United Kingdom, which has crossed a new milestone in the post-epidemic era. The news stimulated market preference on Wednesday (9th).USDThe index is back again in Asia,RMBIn the midday session, it even rises above 1 USDAgainst the 6.5 mark, it reached a new high since late June 2018, and it entered the 6.4 era.

Source: Sina Finance, OffshoreRMBDaily trend

OffshoreRMBUnder the strong rise, it also drives the shoreRMBTrend, onshoreRMBCorrectUSDThe exchange rate appreciates up to 1 USDAgainst 6.5213 RMB, Which also hit a new high since late June 2018.

This year, offshoreRMBCorrectUSDThe exchange rate has appreciated by 6.6%, onshoreRMBCorrectUSDIt appreciated by 6.3%.

Nomura believes that due to the progress of vaccine research and development, a new wave of stimulus policies to be launched next year worldwide, and the policies expected by the new US government, Asian currencies should enter the first quarter of 2021 with a significant appreciation.

OffshoreRMBwonAnd the Indian rupee are probably the three major Asian currencies with the biggest gains. As for the Philippine peso andThai BahtThe short-term outlook is not bad.

In the long run, as the market begins to reflect expectations of policy normalization, the Asian currency may begin to fluctuate in the second half of 2021. Concerns about the credibility of the monetary policies of some Asian countries may cause their exchange rate performance to weaken. Among them, the currencies of Indonesia and Thailand are the most prominent.

As of 13:30, offshoreRMBThe increase shrinks and returns to 1 USDAgainst 6.5 USDAbove, it temporarily reported 6.5031, an appreciation of 135 basis points, or 0.2%.

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