The RMB to USD spot exchange rate breaks through 6.98, and experts say that the RMB exchange rate will maintain a stable two-way fluctuation pattern in January.

Odaily Planet Daily News: On the first trading day of 2026, the RMB to USD spot exchange rate continued its appreciation trend. Today, the RMB to USD spot rate reached a high of 6.977 intraday, once again hitting a new high since mid-May 2023. At 16:30, the RMB to USD spot closing price was 6.9806, up 84 basis points from the previous trading day, marking a new high since May 17, 2023. Minsheng Bank Chief Economist Wen Bin predicts that in January, supported by seasonal foreign exchange settlement demand, the RMB may still have room to appreciate. However, the midpoint rate of the RMB against the USD has deviated from the closing spot rate towards a slight depreciation, which may indicate some pro-cyclical behavior in the foreign exchange market recently. “Overall, under the policy tone of regulatory authorities maintaining the RMB exchange rate at a reasonable and balanced level, preventing excessive fluctuations, although the RMB exchange rate may still be somewhat strong in January, it is not expected to appreciate significantly. Most of the time, it may fluctuate bidirectionally within the 6.9-7 range,” Wen Bin pointed out. (The Paper)