The onshoreagainst the US dollar reached a new high since February 6, 2023, during trading.

On August 10, the onshore RMB against the US dollar hit a new high during trading since February 6, 2023. According to Wind data, as of 16:30, the onshore RMB closed at 6.7442 against the US dollar, up 59 basis points from the previous close, with an intraday high of 6.7432. A research report from the Industrial and Commercial Bank of China stated that looking ahead to the second half of the year, the RMB against the US dollar is likely to continue fluctuating and gradually appreciate. The main influencing factors are that exports in China are expected to maintain resilient growth in the second half of the year, with international capital increasing allocations to RMB assets, and net capital inflows supporting the strengthening of the RMB. Additionally, attention should be paid to the impact of geopolitical risks and tariff policies on the structure, quantity, and price relationships of export products and regions.