On November 13, the central parity rate of the RMB against the US dollar stood at 7.1991, down 64 basis points from the previous trading day and the lowest value since September 11, 2023. Since the fourth quarter of this year, the RMB has fluctuated significantly against the US dollar due to factors such as the strengthening of the US dollar index, and the overall depreciation has been significant. "The depreciation of the RMB against the US dollar is significantly smaller than the increase of the US dollar index itself." Wen Bin, chief economist of Minsheng Bank, said that the recent US economic data has generally performed strongly, the inflation rate has unexpectedly exceeded expectations, and the market's expectations for the Federal Reserve to cut interest rates have been significantly reduced. Despite the expectation of a "strong dollar" in the market, the inverted interest rate gap between China and the United States is still putting pressure on the RMB. However, the National Economic Research Center of Peking University pointed out that the release of the effect of the domestic policy of stabilizing growth and the stabilizing signal of the economy will support the RMB exchange rate. (Securities Times)