The RMB is strengthening sharply, with the exchange rate against the US dollar hitting its highest level in more than a year. Bitcoin has moved back above $90,000, fueling a rebound in the cryptocurrency market. Oracle’s share price closed up 4%, and investors are focused on whether this recovery can be sustained.

RMB Exchange Rate Hits Highest Level in Over a Year

Recently, volatility in global foreign exchange markets has increased, while the RMB has been moving steadily higher against the US dollar. On 25 November, both the offshore and onshore RMB spot exchange rates against the US dollar broke through 7.09, hitting their highest levels in more than a year. On 26 November, the central parity rate of the RMB against the US dollar in the interbank foreign exchange market was set at 7.0796, an appreciation of 30 basis points from the previous trading day. Since the start of the year, the RMB central parity rate against the US dollar has risen by around 1,000 basis points.

The three major RMB exchange rate indices, which measure the RMB against a basket of currencies, have all climbed to their highest levels since early April. Data from the China Foreign Exchange Trade System show that all three indices rose across the board last week.

Wang Qing, chief macro analyst at Orient Jincheng, noted that the recent continuous adjustment of the RMB central parity rate towards a stronger level is closely related to China’s solid economic performance and the concurrent decline in the US dollar. Guan Tao, global chief economist at BOC International Securities, believes that in 2026 the RMB exchange rate may face multiple supportive factors: a recovery and improvement in the domestic economy; a stabilisation of China–US economic and trade relations; potentially widening cracks in US dollar credit; and the prospect that Fed rate cuts could drive a weaker dollar.

Bitcoin Returns to the $90,000 Level

Ahead of the Thanksgiving holiday, Bitcoin’s price has returned to the $90,000 level. Market data show that Bitcoin once traded as high as $90,331 and was last quoted around $90,050, up 3.2%. Ethereum was last quoted at $3,026, up 3.5%. Other cryptocurrencies also followed Bitcoin’s upward move.

November has been a highly volatile month for Bitcoin. At one point, the digital asset fell to near $81,000, erasing all of its gains for 2025. In October, Bitcoin had set a record high of $126,080, meaning the current price is about 29% below that peak. Analysts attribute the recent weakness to waning institutional interest and uncertainty around Federal Reserve policy.

The derivatives market is sending a more positive signal. According to data from Deribit, call options with a strike price of $100,000 now have the largest open interest, indicating that some investors are betting Bitcoin will continue to rise. In addition, if expectations for Fed rate cuts are fulfilled, it typically implies improved market liquidity, which is supportive for risk assets such as Bitcoin. Crypto investment firm GSR pointed out that over the past few weeks, speculative leveraged long positions have been significantly reduced, lowering the burden on the market for a more sustainable rally.

However, some analysts warn that with overall market confidence not yet fully restored, investors need to be alert to the possibility that this upswing could be a short-lived “dead cat bounce.” Market analyst Peter Anthony noted that many investors may not fully shake off their pessimism until Bitcoin rises to around $115,000. Until then, market sentiment is likely to remain fragile.

Oracle Shares Rebound – Is It Time to Buy the Dip?

After plunging nearly 30% over the past month, Oracle’s share price staged a sharp rebound on Wednesday. Early in the session, the stock was up as much as 6.6%; by midday the gain had narrowed to under 5%, and it eventually closed about 4% higher.

Deutsche Bank analyst Brad Zelnick put forward a key point: even if Oracle were to receive zero revenue from its business with OpenAI, its current share price of around $200 has almost not priced in this part of the value at all. Based on his estimates, excluding the impact of OpenAI, Oracle’s earnings per share in fiscal year 2030 could still reach about $17.

HSBC believes that market concerns over Oracle’s more than $500 billion in remaining performance obligations (RPO) stem from “filling in the gaps” in the absence of detailed disclosures. In HSBC’s view, Oracle’s own guidance of 30%–40% gross margins for its AI infrastructure business is reasonable. A key characteristic of AI infrastructure investment is that heavy spending comes upfront, while revenue is realised gradually on the back end. The market may be overly focused on short-term costs and overlooking the long-term revenue potential.

Short-sellers, however, argue that Oracle’s cloud business margins are still significantly lower than some competitors, and that the market needs to see concrete evidence of sustained improvement in the company’s profitability.