On August 2nd, the RMB exchange rate against the US dollar saw a significant appreciation, with the onshore RMB surging by more than 450 basis points and the offshore RMB jumping by nearly 600 basis points, both breaking through the important psychological threshold of 7.2. This strong performance not only made the RMB one of the best-performing currencies in Asia that day but also sparked widespread speculation about the future trend of the RMB.

On that day, the RMB exchange rate against the US dollar successively broke through multiple levels of 7.24, 7.23, 7.22, 7.21, and 7.20, setting a new high in nearly three months. As of the time of the journalist's report, the strong performance of the RMB exchange rate continued, showing the market's firm confidence in the RMB.

The latest data shows that the number of first-time unemployment insurance claims in the United States last week reached a new high, and the ISM manufacturing index was far below expectations. These weak economic data affected investor sentiment, leading to a decline in the US dollar index. In addition, the acceleration of the internationalization of the RMB also supported the RMB exchange rate. The monthly report released by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) shows that the proportion of the RMB in global payment currencies continued to rise, showing that the international market's acceptance and demand for the RMB are increasing.

Zhong Zhengsheng, Chief Economist at Ping An Securities, pointed out that the strong performance of the RMB exchange rate is closely related to the recent stable growth policies. With the People's Bank of China's interest rate cut and the implementation of a series of policies, the market's confidence in China's economy has been strengthened, providing a solid foundation for the stability of the RMB exchange rate. Moreover, China's trade surplus in June set a historical record, providing a robust support for the RMB exchange rate.

Li Lifeng and Zhang Haiyan, analysts at Huaxin Securities, believe that although the RMB exchange rate is supported by multiple positive factors in the short term, the long-term trend will still depend on the fundamentals of the domestic economy. Zhang Jun, Chief Economist at Galaxy Securities, emphasized that the RMB does not have a foundation for long-term depreciation. China is in the transition stage from a "debt-repayment country" to an "immature creditor country," and the high trade surplus will become an important factor supporting the long-term strength of the RMB.

Analysts from CICC and GF Securities also pointed out that the two-way fluctuation flexibility of the RMB exchange rate may increase, and the appreciation of the RMB is closely related to the trend of A-share core assets, which has a significant impact on global asset allocation.

Overall, the strong performance of the RMB exchange rate reflects the market's confidence in the stable growth of China's economy and the positive expectations for the internationalization of the RMB. In the future, with the changes in domestic and foreign economic and financial situations, the RMB exchange rate is expected to continue to maintain a stable trend.