Since June, the RMB exchange rate has exhibited a pattern of "low volatility coupled with resilience," a trend largely attributed to the decline in the US dollar index, solid domestic fundamentals, the central bank's adoption of a flexible and stable exchange rate regime, and the alleviation of customer settlement demand. Looking ahead, the trajectory of China-US economic and trade negotiations, alongside domestic policy hedging measures, will emerge as pivotal factors influencing the RMB exchange rate. Amidst the central bank's commitment to a flexible and stable exchange rate policy, the RMB exchange rate is anticipated to maintain low volatility in the immediate future.