The RMB exchange rate has broken through the 6.7 mark.
Date:2026-09-01View:2Tags:RHS section,Coating pipe,ERW steel pipe
According to the latest data on September 1, 2026, the central parity rate of the RMB against the US dollar has broken through the important psychological barrier of 6.7, reaching 6.7809, an increase of 19 basis points from the previous trading day.
This exchange rate breakthrough is supported by clear logic, and the mainstream market view is that it reflects a long-term trend rather than a short-term fluctuation.
Core Reasons: Weakening US Dollar and Restructuring of RMB Pricing Logic
The direct driver of this round of RMB appreciation is the structural weakening of the US dollar, while the deeper reason is the fundamental shift in the RMB's own pricing logic.
External Environment: The US Dollar's Credit Faces "Internal and External Troubles": Policy contradictions between the Federal Reserve and the Treasury Department have led to market concerns about the sustainability of the massive US debt, shaking the foundation of a strong dollar. At the same time, joint intervention by the US and Japan in the yen, and the US Treasury's repurchase of Treasury bonds, have been interpreted by the market as passively maintaining the stability of the US Treasury market, further weakening market confidence in the dollar.
Internal Drivers: RMB Pricing Weight Returns to "Trade": In the past few years, the RMB exchange rate has been mainly driven by the China-US interest rate differential. However, recent data shows that the trade surplus has become the dominant factor influencing exchange rates, and its correlation with interest rate differentials has weakened significantly. China's continued strong export earnings provide solid fundamental support for the appreciation of the RMB.
