The onshore and offshore RMB exchange rates against the US dollar have reached a 14-month high. On December 15th, the onshore RMB spot exchange rate rose to 7.0500, marking its first touch of the 7.05 mark since October 2024. Meanwhile, the offshore RMB rate climbed to 7.046, also a peak since early October 2024. The central parity rate was set at 7.0656, reflecting a slight depreciation. Ming Ming, chief economist at CITIC Securities, noted that the Central Economic Work Conference emphasized maintaining the RMB's stability at a reasonable level. The favorable external environment and flexible central bank policies are expected to support the RMB, potentially moderating its central level to around 6.9-7.0 in 2026.