Yuan Trend | CNY Appreciates by 33 Points

SighingCashier · 2026-03-16T12:40:07+00:00

The Chinese yuan closed at 6.8997 against the US dollar onshore, appreciating 33 basis points, demonstrating resilience. Investors are closely monitoring Middle East conflicts and US interest rate decisions. Latest economic data exceeded expectations, with markets anticipating the yuan will fluctuate between 6.87 and 6.92. High oil prices and US labor market conditions may affect dollar strength, but the impact on the yuan is limited in the short term.

SighingCashier

2026-03-16 12:40:07

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Onshore RMB against USD (CNY) closed up 33 pips.

The onshore RMB against USD closed at 6.8997, up from 6.9030 at 4:30 PM yesterday, a gain of 33 pips or 0.05%; compared to the last transaction at 11:30 PM at 6.9043, it strengthened by 46 pips.

Offshore price (CNH) reached a high of 6.8954 early in the session. As of 4:40 PM Hong Kong time, the offshore price was 6.9036, while the onshore price was 6.8992.

The official midpoint rate today was set at 6.9057, down 50 pips from the previous day.

Traders noted that the Middle East conflict has yet to ease, and market risk aversion remains high. However, the RMB exchange rate shows resilience, and short-term adjustment space may be limited.

Another trader believes that China’s latest economic data, which exceeded expectations, helps offset external uncertainties. This week, focus is on the Federal Reserve’s interest rate decision and developments in the Middle East.

CICC’s foreign exchange team stated that recent geopolitical tensions favor the US dollar’s safe-haven role, supporting its strength. However, if high oil prices persist and the US labor market continues to weaken, the market may start to reprice stagflation risks in the medium to long term, which could limit the dollar’s continued appreciation.

Ping An Bank said that recent US dollar strength, uncertainties in Iran, and the widening interest rate gap between China and the US have somewhat suppressed RMB appreciation expectations. Nonetheless, the overall resilience of the RMB exchange rate remains strong, and it is expected to fluctuate within the 6.87 to 6.92 range.

The National Bureau of Statistics announced that from January to February, the added value of industrial enterprises above designated size increased by 6.3% year-on-year, exceeding the market expectation of 5.3%. Retail sales of consumer goods grew by 2.8%, higher than the expected 2.5%. Fixed asset investment nationwide increased by 1.8% in the first two months, also surpassing the expected decline of 5.1%.

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