According to CoinMeta, the RMB exchange rate has continued to perform strongly. On August 10th, the central parity rate of the RMB against the US dollar was raised by 20 basis points to 6.7884, reaching its highest level since February 10, 2023. On the same day, the onshore RMB against the US dollar reached a intraday high of 6.7429, setting a new high since February 6, 2023. As of press time, the latest onshore RMB exchange rate was reported at 6.7458. Lian Ping, Chairman of the China Chief Economists Forum, stated that the temporary weakening of the US dollar is the primary catalyst for this round of RMB appreciation. The main reasons include the joint intervention by the US and Japan in the Japanese yen exchange rate, which led to a rebound in the yen and dragged down the US dollar index, as well as the cooling of geopolitical risks in the Middle East, which alleviated risk aversion and further propelled a correction in the US dollar. In addition, weak US macroeconomic data has also exacerbated the weakness of the US dollar, allowing non-US currencies to gain momentum for recovery.