The RMB ended the week at 6.75 against the US dollar, compared with 6.77 a week earlier, a gain of about 0.3%. The main reason was a weaker US dollar after the US Federal Reserve kept interest rates unchanged. A stronger RMB helps reduce the cost of imported goods, but it can also make Chinese exports slightly more expensive overseas. China’s official manufacturing survey slipped further into contraction in July, while tensions in the Middle East pushed up global oil prices. Global oil prices and expectations for US interest rates are also likely to remain the biggest influences on the RMB in the coming week.