RMB Trend | CNY Falls 52 Points

SighingCashier · 2026-03-12T14:41:24+00:00

The onshore RMB-USD exchange rate closed at 6.8752, down 52 basis points. The offshore rate was quoted at 6.8770, affected by Middle East geopolitical tensions. CITIC Securities predicts that if energy prices remain elevated, the RMB may experience volatility, with the exchange rate expected to range between 6.7 and 6.8 this year.

SighingCashier

2026-03-12 14:41:24

Abstract generation in progress

Onshore RMB against the US dollar (CNY) closed down 52 pips.

The onshore RMB closed at 6.8752, compared to 6.87 at 4:30 PM yesterday, down 52 pips or 0.08%; compared to the last transaction at 6.8749 at 11:30 PM, it weakened by 3 pips.

Offshore price (CNH) earlier dipped to 6.8850. As of 4:42 PM Hong Kong time, the offshore price was 6.8770, while the onshore price was 6.8750.

The official midpoint rate today was set at 6.8959, down 42 pips from yesterday, moving away from a nearly three-year high.

Traders noted that geopolitical tensions in the Middle East remain volatile, and the RMB may fluctuate with the dollar in the short term as markets gradually become less sensitive; medium-term, the RMB still has fundamental support for appreciation.

Another trader believes that, given the current situation in the Middle East, signs of easing are not yet visible, oil prices are still rising, and risk aversion demand persists. Market expectations are changing somewhat, but fundamentals still support a slight appreciation of the RMB.

CITIC Securities believes that in the short term, if energy prices stay high, the US dollar index may remain resilient, and the RMB exchange rate could stay volatile; the People’s Bank of China’s (PBOC) goal with its stability tools may be to guide market expectations and prevent the exchange rate market from forming one-sided expectations and self-reinforcing. Given China’s export performance exceeding expectations and the dollar remaining relatively weak, the RMB is expected to gradually appreciate to around 6.7 to 6.8 this year. Considering potential uncertainties, it is not advisable to bet on a one-sided trend.

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