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It's really just that “money printer go Brrr” globally.

All of the world's central banks are printing like mad. Both the EU and Japan both have negative interest rates atm.

But then why is the most printed currency the one getting strongest fastest?

The euro zone and the US are neck and neck actually overall [0, 1] and if you measure it relative their gdp which you should, the eurozone is actually at 61% of gdp whereas the US is at 35% [2]. Japan is the real money printer though at a whopping 130% of gdp!

[0]: https://fred.stlouisfed.org/series/ECBASSETSW

[1]: https://www.federalreserve.gov/monetarypolicy/bst_recenttren...

[2]: https://blocnotesdeleco.banque-france.fr/en/blog-entry/under...

And the offshore RMB<>USD is nearing the top of the government range why?

Getting weaker more slowly*

Yeah, which in a global energy crisis, is about the best you can hope for.

Russia, while at war, is doing not that bad, surprisingly: https://www.xe.com/currencyconverter/convert/?Amount=1&From=...

That's a very misleading metric since it doesn't reflect the real-life experience of most Russians looking to exchange money. It's just a show metric the government is maintaining.

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