【Multiple Factors Drive RMB Strength, 'Bilateral Fluctuation' Remains the Main Theme】Golden Finance reports that after Federal Reserve Chairman Powell signaled a dovish stance to global markets last Friday, on August 25, the onshore RMB/USD exchange rate surged, breaking through multiple levels at the opening and closing at 7.1517, an increase of 288 basis points from the previous trading day's closing price. Analysts believe that the strengthening of the RMB is driven by multiple factors, including the decline of the dollar index, a significant adjustment in the midpoint rate, and a recovery in capital market sentiment. Looking ahead, the trend of the dollar index remains a key variable in the global foreign exchange market, but the core factors determining the RMB exchange rate are still endogenous dynamics. Under the joint influence of internal and external factors, 'stable yet rising' and 'bilateral fluctuation' will continue to be the main theme of the RMB exchange rate trend. (Shanghai Securities Journal)