Key Points Included:

• Recent RMB appreciation is driven by market forces and fundamentals: a narrower yield spread, exporters’ FX behaviour, and China’s relatively strong economic fundamentals.
• Policy direction supports a stronger RMB over the medium term: under the 15th Five-Year Plan, Beijing aims to sustain growth, deepen structural reforms, and expand “international circulation,” reinforcing confidence in China’s economy and currency.
• A stronger RMB aligns with China’s strategic goals: RMB appreciation can facilitate outbound investment and help rebalance trade relations.
• RMB internationalisation will be gradual and long-term: authorities will continue to support the infrastructure for RMB settlement, such as CIPS.

CBBC would like to thank Shan for her detailed and insightful presentation and our members for attending. We plan to organise many more in-person, hybrid, and online events throughout the year.