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At the beginning of 2021, the CNY exchange rate rose sharply, with a rise of nearly 1000 points in just two trading days.
On January 4, the spot exchange rate of onshore CNY against the US dollar opened at 6.5195 and closed at 6.4628 at 16:30, crossing the 6.5 barrier, reaching the highest of 6.4579, or more than 600 basis points; the offshore CNY against the US dollar also continuously broke the 6.49 and 6.45 barrier, or more than 500 basis points, reaching a new high since June 2018.
On January 5, the CNY exchange rate stood at 6.4, not out of the "one-day tour" market. The onshore CNY rose to 6.4292 against the US dollar, breaking four levels in a row, while the offshore CNY rose nearly 400 points to 6.4129 against the US dollar. Onshore CNY closed at 6.4640 against the US dollar at 16:30, basically unchanged from the previous trading day.
On January 6, the CNY middle price rose 156 basis points to 6.4604; on January 7, the CNY middle price fell 4 points to 6.4608.
It appreciated nearly 10% in seven months, and broke 6.5 on the first working day of the new year. Countless foreign trade people were asking "what's the matter?". A recent Reuters survey of 85 foreign exchange analysts shows that in the short and medium term, various factors conducive to the appreciation of CNY will continue, and it is expected that the CNY may appreciate to around 6.4 yuan by the end of 2021.
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