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Onshore and offshore RMB exchange rates exceed a three-year high
May 26, 2026
Onshore and offshore RMB exchange rates reach over 3-year highs
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As the market anticipates the possible reopening of the Strait of Hormuz, the US dollar is under pressure, and non-dollar currencies generally appreciate. Both onshore and offshore RMB hit over 3-year highs yesterday. Expectations of Strait reopening push the US dollar below 99 The RMB midpoint rate rose to 6.8318 against the US dollar yesterday, reaching a new 3-year high. Onshore RMB (CNY) was strong at 6.7803 yesterday, closing at 6.7837 during Asian hours, compared to 6.794 at 4:30 p.m. last Friday.
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