In recent years, driven by the rising commodity price and the continued weakness of the dollar, the market expectations for a significant appreciation of the RMB have been rising. On May 28, the RMB intermediate price rose above the 6.4 level, at 6.3858, up 172 points, a record since the end of May 2018 (6.3816 on May 24, and 6.3867 on May 25). Since last week, the RMB has risen four consecutive points against the US dollar, up 442 basis points in total; The exchange rate of the RMB on shore and offshore also soared against the US dollar, a three-year high, and returned to the 6.3 era.
In fact, the rise in the yuan against the dollar has started in early April. Since the beginning of April, the appreciation of the RMB on shore against the US dollar has reached 2.45%.