The offshore yuan surged more than 300 points against the dollar today, returning to the “six times” for the first time since Sept. 21.

 The recent sharp rebound of the RMB, on the one hand, is the cooling of the US inflation data, the Federal Reserve “hinted” to slow down the rate hike background, the dollar index in November cumulative decline of more than 5%; On the other hand, there is a growing expectation that the domestic economy will return to a stable and upward direction. Recently, favorable policies have been issued in areas such as the optimization of the epidemic and the real estate sector, which have boosted market confidence in China’s economic recovery.

 Steel export prices were also boosted with good news. Today, most of the leading steel mills have not issued export offer prices, and the domestic mainstream hot coil offer price rises to at least $570 / ton FOB. The steel mills have light export willingness to reduce prices, and they prefer domestic trade sales. Overseas, with today’s rising steel prices in China, some leading steel mills in Southeast Asia suspended forward order sales, large probability will increase the hot coil delivery price. In addition, there is a significant increase in the offers of overseas semi-finished materials to China. At present, the quotation of Middle East billet is $500 / ton CFR (3480), although there is still a certain gap between the intended transaction price of Chinese buyers, and we have not heard that large orders have been concluded.