The linkage between the trend of A-shares and the exchange rate of the US dollar and RMB has recently become the focus of the market.

Bank of America has recently given a clear prediction: the RMB may rise to around 6.8 against the US dollar in 2026. This judgment is mainly based on three support points - the stable operation of the central bank's central parity, the continuous stimulus of policy, and the momentum of capital return.

Adarsh Sinhazz, the head of their G10 foreign exchange strategy, said quite directly: there is room for the onshore RMB to appreciate, and the key depends on how the daily central parity is adjusted. What's more interesting is the dim sum bond market. Now the financing cost of offshore RMB is much lower than that of the US dollar, and even if the Fed continues to cut interest rates, it will not change this pattern. Therefore, whether it is domestic or foreign companies, it is estimated that they will increase the issuance of dim sum bonds.

This difference in financing costs is to some extent paving the way for the internationalization of the RMB. With market liquidity, the use of currency is naturally wider.