Lu Zhe, chief economist at Dongwu Securities, believes that 2025 will not only end the RMB depreciation cycle of the past three years, but may also begin a new round of appreciation. It is expected that in 2026, against the backdrop of the US dollar index remaining structurally weak, China's current account surplus and net inflow of securities investment capital are expected to push the RMB exchange rate above the 7.0 mark; if the annual exchange rate fluctuation rate remains in the 3.0% to 4.0% range, the RMB exchange rate against the US dollar may rise to the 6.70-6.80 range by the end of 2026.

Lu Zhe, chief economist at Dongwu Securities, believes that 2025 will not only end the RMB depreciation cycle of the past three years, but may also begin a new round of appreciation. It is expected that in 2026, against the backdrop of the US dollar index remaining structurally weak, China's current account surplus and net inflow of securities investment capital are expected to push the RMB exchange rate above the 7.0 mark; if the annual exchange rate fluctuation rate remains in the 3.0% to 4.0% range, the RMB exchange rate against the US dollar may rise to the 6.70-6.80 range by the end of 2026.