<p>The industry generally believes that the recent strengthening of the RMB against the USD is driven by multiple factors. Wang Qing, Chief Macro Analyst at Dongfang Jincheng, stated that on one hand, Federal Reserve Chairman Jerome Powell recently released a rare and clear signal for interest rate cuts at the Jackson Hole Global Central Bank Annual Meeting, coupled with the recent US employment and inflation data reinforcing expectations for a rate cut in September. This has led to a downward fluctuation in the US dollar index, providing passive appreciation momentum for non-USD currencies, including the RMB</p>

<p>The industry generally believes that the recent strengthening of the RMB against the US dollar is driven by multiple factors. Wang Qing, Chief Macro Analyst at Dongfang Jincheng, stated that on one hand, Federal Reserve Chairman Jerome Powell recently released a rare and clear signal of interest rate cuts at the Jackson Hole Global Central Banking Conference, coupled with the recent US employment and inflation data reinforcing expectations for a rate cut in September. This has led to a downward fluctuation in the US dollar index, providing passive appreciation momentum for non-US currencies, including the RMB</p>

Securities Daily: Multiple factors drive the strengthening of the RMB exchange rate