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

The Chinese currency, the Renminbi, has appreciated in the foreign exchange market. On January 5, the exchange rate of the Renminbi against the US dollar reached the range of 1 dollar to 6.97 yuan, marking the highest level of Renminbi appreciation and US dollar depreciation in 2 years and 8 months. Accumulating trade surpluses and other factors have created pressure to sell dollars and buy Renminbi. To avoid economic downturns, relevant Chinese authorities have shown a restraining attitude towards the appreciation of the Renminbi.

Annual Trade Surplus Exceeds 1 Trillion US Dollars for the First Time

On December 30, 2025, the Renminbi briefly rose to 1 dollar to 6.9870 yuan, breaking the important 7 yuan threshold, intensifying its appreciation. This is the first time since May 2023 that it has surpassed the 7 yuan mark. On January 5, 2026, it once again rose further to 1 dollar to 6.9770 yuan.

During the peak of Sino-US trade tensions in April 2025, the exchange rate of the Renminbi fell to 1 dollar to 7.3518 yuan, the lowest level in 17 years and 4 months. Following the agreement to reduce tariffs between China and the US in May 2025, the Renminbi began to recover, rising 5% compared to the low point in April 2025.

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