Can the RMB exchange rate stabilize within the "6 yuan range"?

In the foreign exchange market, China’s currency, the renminbi (RMB), has appreciated. On January 5, the RMB to U.S. dollar exchange rate reached the range of 1 USD to 6.97 yuan, marking the highest level of RMB appreciation and dollar depreciation in over 2 years and 8 months. Factors such as continuously accumulating trade surpluses have created pressure to sell dollars and buy RMB. To avoid an economic downturn, relevant Chinese authorities have shown a constraining attitude toward RMB appreciation.

Annual trade surplus first exceeds $1 trillion

The RMB rose at one point on December 30, 2025 to 1 USD to 6.9870 yuan, breaking through the important level of 7 yuan, and making the appreciation more pronounced. This was the first time since May 2023 that the RMB had broken above the 7-yuan threshold. On January 5, 2026, it also rose further to 1 USD to 6.9770 yuan.

In mid-April 2025, when U.S.-China trade frictions reached a peak, the RMB exchange rate had fallen to 1 USD to 7.3518 yuan, the lowest level in more than 17 years and 4 months. After the U.S. and China reached an agreement to reduce tariffs in May 2025, the exchange rate began to recover, up 5% from the low point in April 2025.

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The Nikkei Business Publications and Financial Times merged into the same media group in November 2015. The alliance between the two newspapers—Japan and the U.K., both of which were founded in the 19th century—is moving forward with the banner of “high quality and the strongest business journalism,” promoting wide-ranging cooperation such as joint special features. This time, as one part of that effort, the two newspapers have exchanged articles between their Chinese websites.