On that day, both Shanghai and Shenzhen stock markets opened lower, with the Shanghai Stock Exchange Index falling below 2822 points in late trading, hitting its lowest level in five months. Affected by changes in the RMB exchange rate, the tourism sector fell sharply, and the civil aviation sector also fell sharply. However, despite the downturn of the main board, there are also sectors that performed well. Gold stocks broke out, and rare earth permanent magnet concept stocks were active; Science and Technology Innovation Board closed up across the board, Tianzhun Technology , and Rongbai Technology rose by more than 15%.
analysts predict that there is no basis for a substantial depreciation of the RMB. Unless the external environment deteriorates significantly again, the RMB exchange rate will fluctuate within a narrow range near the current central level. Against this background, exchange rate changes have limited impact on the A-share market.
The Shanghai Index hit a five-month low, with net outflows of northbound funds for four consecutive days.
After both Shanghai and Shenzhen stock markets opened lower in early trading, the Shanghai Index once fell by more than 1%, while the ChiNext Index once turned red in early trading, and the Shanghai and Shenzhen Index fluctuated again in the afternoon. weaken.
As of the close, the Shanghai Composite Index fell 1.62% to 2821.5 points, a new low since February 22; the Shenzhen Component Index fell 1.66% to fall below 9,000 points, and the ChiNext Index fell 1.63% to 1531.37 points. The transaction volume of the two cities was 416.2 billion yuan, and the net outflow of northbound funds was 3.464 billion yuan. So far, it has been a net outflow for 4 consecutive trading days, with a total net outflow of nearly 12 billion yuan.
Affected by changes in the RMB exchange rate, the catering and tourism sector led the decline. China National Travel Service, the leader in the tourism industry, fell by more than 5%. Changbai Mountain, BTG Hotel, Songcheng Performing Arts, Tengbang International , etc. were among the top decliners. In addition, civil aviation concept stocks also fell sharply. Air China fell close to 5%, and China Eastern Airlines, China Southern Airlines, and China Airlines fell more than 3%.
html On August 5, there were also sectors and stocks with rising significantly. Gold and jewelry concept stocks are all in the red, Ronghua Industrial , Shandong Gold , Hengbang Shares , Yintai Resources , Dongfang Jinyu, Jinzhou Cihang, etc. have hit the daily limit; the rare earth permanent magnet sector and the gold sector have also continued to strengthen, and agriculture has continued to strengthen. Class sectors pulled up in the afternoon.It is worth noting that among the stocks on the Science and Technology Innovation Board, Shin Kong Optoelectronics hit its daily limit in late trading, and stocks such as Tianzhun Technology , Rongbai Technology, ArcSoft Technology , and Jiayuan Technology rose by more than 10%. All stocks on the Science and Technology Innovation Board ended with gains.
On the news, on August 5, the central parity rate of RMB against the US dollar depreciated by 229 basis points to 6.9225, which was the first time it fell below the 6.90 mark since December last year, and the decline was the largest since May 16, 2019. In early trading on the 5th, both onshore and offshore RMB fell below the 7 mark. Measured by the closing price, the last time the onshore RMB exchange rate exceeded "7" was 11 years ago on May 14, 2008.
The agency said that the exchange rate fluctuates within a narrow range and has limited impact on the stock market.
The relevant person in charge of the central bank said on the 5th that the RMB exchange rate exceeded "7". This "7" is not an age. You can't come back from the past. It is not a dam. Once it is broken, it will cause great damage. The water will plummet; "7" is more like the water level of the reservoir. It is higher during the wet season and drops again during the dry season. It is normal to have ups and downs. When the central bank answered a question from a reporter from the Financial Times,
said that due to the impact of unilateralism and trade protectionist measures and the expectation of additional tariffs on China, the RMB exchange rate against the US dollar depreciated today (August 5), exceeding 7 Yuan, but the RMB continues to remain stable and strong against a basket of currencies, which is a reflection of market supply and demand and international currency market fluctuations.
Jiuzhou Securities analyst Deng Haiqing said that the RMB exchange rate breaking "7" should be viewed rationally and should not be overly panicked. This time the RMB exchange rate has exceeded "7", indicating that the flexibility of the two-way fluctuations of the RMB exchange rate has increased, which is conducive to maintaining the stability of the foreign exchange market and the balance of international payments, and adapting to the needs of the macroeconomic situation (it is conducive to exerting the role of price leverage in regulating the balance of supply and demand. Macroscopically, it has the function of regulating the economy and the balance of international payments (" automatic stabilizer "). Deng Haiqing believes that as long as appropriate response measures are taken, the RMB exchange rate can maintain stability at a reasonable level and there will be no significant trend depreciation.
Shenwan Hongyuan analyst Qin Tai predicts that unless the external environment deteriorates significantly again, the RMB exchange rate will fluctuate within a narrow range near the current central level.
How much impact will exchange rate changes have on the stock market? Analysts from China Merchants Securities pointed out that from the perspective of the stock market, although the Shanghai Composite Index closed down 1.62% on August 5, judging from communications with institutional investors, their understanding and level of panic about RMB exchange rate fluctuations are different from those in 2015 By 2016, the possibility of the RMB exchange rate becoming a risk factor for the stock market again is declining.
An investment consultant from a leading brokerage said that when market risk appetite itself is relatively weak, exchange rate fluctuations may have a certain impact on market confidence. But in most cases, the relationship between RMB exchange rate fluctuations and stock market conditions is not particularly significant.
Beijing News reporter Zhang Siyuan Chen Peng editor Zhao Ze
