On the morning of December 5, both the onshore and offshore renminbi exchange rates against the U.S. dollar rose above 7 yuan. Industry insiders said that under the impetus of gradually improving economic expectations and the addition of seasonal foreign exchange settlement factors, it may be difficult for the spot exchange rate of RMB against the US dollar to break through the previous low.
The central parity rate of the RMB against the US dollar was also raised. According to data released by the Foreign Exchange Trading Center, on December 5, the central parity was quoted at 7.0384 yuan, an increase of 158 basis points from the previous trading day.