RMB Trend | CNY Falls 278 Points, Breaks Through 6.9

SighingCashier · 2026-03-13T09:17:28+00:00

The strengthening US dollar caused the onshore CNY/USD exchange rate to close below 6.90, falling 278 pips to 6.9030. The offshore rate also weakened, hitting a low of 6.9075. Traders believe the yuan has limited elasticity, but fundamentals support exchange rate resilience, with potential for a rebound in the future. Middle East tensions and high oil prices are affecting the exchange rate, but the adjustment is expected to be limited.

SighingCashier

2026-03-13 09:17:28

Abstract generation in progress

The US dollar is strengthening, with the onshore RMB (CNY) closing below 6.9 against the US dollar, weakening by 278 points.

The onshore RMB closed at 6.9030, compared to 6.8752 at 4:30 PM yesterday, down 278 points or 0.4%; compared to the last transaction at 11:30 PM of 6.8833, it weakened by 197 points.

The offshore RMB (CNH) also fell below 6.9, reaching a low of 6.9075. As of 4:55 PM Hong Kong time, the offshore rate was 6.9017, while the onshore rate was 6.8981.

The official midpoint rate today was set at 6.9007, down 48 points from yesterday.

Traders noted that the overall flexibility of the RMB remains limited, but the economic fundamentals still support the currency’s resilience. Therefore, as the market gradually digests the geopolitical impacts, there is still room for the exchange rate to rebound.

The ongoing tension in the Middle East continues to be a concern. Some traders believe that currently, it seems that none of the parties are interested in negotiations. High oil prices are expected to persist for some time, and the RMB will fluctuate with the dollar, but the adjustment is unlikely to be significant.

Another Chinese bank trader believes that China’s energy structure is relatively strong, and the impact of rising oil prices on the economy is relatively manageable. The fundamentals support the RMB remaining stable or slightly appreciating.

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