[HIGHLIGHTS] The RMB fluctuated against the U.S. dollar in January and the industry analyzed the full-year trend.

In January 2024, the exchange rate of RMB against the US dollar fluctuated and fell. The RMB depreciated against the U.S.

dollar in January, but in the last 10 trading days, the RMB exchange rate has rebounded from the lows of the month. Guan Tao, global chief economist of BOC Securities, proposed three scenarios. He predicts that the central parity rate is likely to fluctuate in both directions within the range of 6.8 to 7.1 in the first half of 2024.