The favorable factors of the RMB exchange rate have increased, and the "three resolutes" have boosted market confidence

After breaking through multiple thresholds one after another, on November 29, the RMB market exchange rate against the US dollar generally maintained an upward trend, and once rose above 7.12 yuan in the intraday. Wind data shows that as of 16:30 on the 29th, the onshore and offshore RMB exchange rates against the US dollar rose by 273 and 62 basis points respectively from the previous closing price. Experts said that the easing of external pressure and the rebound of the domestic economy have jointly promoted the recent RMB exchange rate to stabilize and rebound significantly, and there is a solid foundation for the RMB exchange rate to remain basically stable in the coming period, especially the new "three resolute" expressions in China's monetary policy implementation report in the third quarter of 2023, highlighting the determination of relevant departments to maintain the smooth operation of the foreign exchange market.