On March 11, the central parity rate of the RMB against the US dollar rose, continuing its recent steady uptrend. According to the China Foreign Exchange Trade System, the central parity rate of the RMB against the US dollar in the interbank foreign exchange market on the same day was 1 US dollar to 6.8917 RMB, an increase of 65 basis points from the previous trading day, demonstrating the resilience of the RMB exchange rate.

The rise in the RMB exchange rate this time mainly benefits from two factors. On the one hand, the US dollar index has weakened slightly recently. As of this morning’s session, the US dollar index was quoted at 98.86, down from the previous trading day, indirectly supporting the strengthening of the RMB exchange rate; on the other hand, China’s economic fundamentals continue to improve. In the first two months of this year, China’s foreign trade returned to double-digit growth, with the total import and export volume reaching 7.73 trillion yuan, a year-on-year increase of 18.3%, providing solid support for the stability of the RMB exchange rate.

Industry insiders said that the current RMB exchange rate is at a reasonable and balanced level. In the short term, it may fluctuate slightly affected by factors such as geopolitical situations and the US dollar trend, but in the long run, with the continuous release of domestic economic recovery momentum, the RMB exchange rate will maintain stable operation. For import and export enterprises, they can reasonably use exchange rate risk hedging tools to offset operational risks caused by exchange rate fluctuations and reduce cost pressure.