RMB Surges Following Fed’s Interest Rate Cut Signal: USDT to CNY Reaches 6.98 on Binance

According to COINOTAG news on September 21, the Federal Reserve signaled potential interest rate cuts, prompting a notable upward shift in the RMB exchange rate. By 4:59 AM on September 21, the offshore RMB against the US dollar reached 7.0421, marking an increase of 295 points from the previous trading day. Conversely, by the close of September 20 at 16:30, the onshore RMB to USD exchange rate was 7.0552, experiencing a rise of 108 points. Additionally, at the time of reporting, Binance platform data highlighted that the highest price for USDT to CNY was recorded at 6.98 yuan, and for transactions involving smaller amounts (under 1,000 CNY), it was quoted at 6.92 yuan.