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on september 5, the central parity rate of rmb against the us dollar was adjusted up by 159 basis points to 7.0989, and the central parity rate rose to the highest level since april 15. the central parity rate of the previous trading day was 7.1148, and the onshore rmb closed at 7.1135 at 16:30, and closed at 7.1125 in the night session.

at the same time, the central bank announced that in order to maintain a reasonable level of liquidity in the banking system, it conducted a 7-day reverse repurchase operation of 63.3 billion yuan on september 5 with a fixed interest rate and quantity bidding method, and the operating interest rate was 1.70%. wind data showed that 150.9 billion yuan of reverse repurchases matured on the same day.

recently, the rmb exchange rate against the us dollar has appreciated. kaiyuan securities pointed out that the recent appreciation of the rmb exchange rate may be more affected by external factors. the imminent interest rate cut by the federal reserve and the interest rate hike by the bank of japan have jointly driven the us dollar index to fall rapidly. the rmb has appreciated a lot recently, but it may be mainly affected by the decline in the us dollar index. under the federal reserve's preventive interest rate cut, the downward space of the us dollar index is limited. the settlement rate is still at the bottom, and the rmb may rebound in the short term, and the probability of subsequent two-way fluctuations is higher.

donghai securities pointed out that looking forward to the fourth quarter of 2024 to the end of the year, combined with the seasonal effect at the end of the year, it is expected that the demand for foreign exchange conversion to rmb will increase marginally. in the medium term, it may support the strengthening of the rmb exchange rate, and the appreciation slope of the rmb exchange rate may become steeper, and it is expected to break the "7.0" mark.