The RMB to USD exchange rate increases by 148 basis points

2026-03-06 01:54:03

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On March 3rd, the midpoint rate of the RMB against the US dollar was 6.9088, up 148 basis points. The previous trading day’s midpoint rate was 6.9236. The onshore RMB closed at 6.8855 at 16:30 and ended the night session at 6.9058.

As of the time of publication, the offshore RMB against the US dollar is quoted at 6.88135, up 198 basis points.

The People’s Bank of China conducted a 34.3 billion yuan 7-day reverse repo operation today, with an interest rate of 1.40%, unchanged from previous levels. Wind data shows that 526 billion yuan of reverse repos matured today.

The People’s Bank of China announced that starting from March 2, the foreign exchange risk reserve ratio for forward foreign exchange sales will be reduced from 20% to 0%, aiming to lower corporate hedging costs and promote the development of the foreign exchange market. This adjustment is the first reduction in nearly three and a half years and signals the central bank’s confidence in stabilizing the RMB exchange rate.

Recently, the RMB exchange rate has continued to strengthen. According to People’s Daily, amid escalating global geopolitical conflicts and increased uncertainties, the safe-haven attribute of RMB assets has strengthened, the attractiveness of the bond market has increased, and foreign institutions’ willingness to hold RMB assets has risen, all contributing to the RMB’s appreciation.

(Edited by: Wen Jing)

Keywords: RMB US dollar

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