After the central bank took the initiative to raise the foreign exchange risk reserve ratio to convey a stable exchange rate signal to the market, the RMB exchange rate against the US dollar was the first to stabilize in the offshore market of .
htmlOn September 27, more offshore RMB exchange rate against the US dollar, which reflects the expectations of international investors, recovered the 7.17, 7.16 and 7.15 marks in session, rising to a high of 7.1458, and the gain narrowed after appreciation exceeded 200 basis points.Driven by the decline in the middle price, the spot exchange rate of RMB against the US dollar opened low at 7.1601 on September 27, depreciating at the lowest intraday to 7.1679. As the dollar index briefly weakened, the spot exchange rate against the US dollar 7.16 and 7.15 marks successively recovered to 7.1476, and once rose to 7.1476. At 16:30, the day closed at 7.1580, down 116 basis points from the previous trading day, setting a new low since the end of May 2020. After entering the night trading time, the spot exchange rate of RMB against the US dollar fell further below 7.16.
Due to the differentiation of the onshore and offshore market trends of the RMB exchange rate against the US dollar, on September 27, the onshore and offshore RMB exchange rate spreads against the US dollar no longer existed.

At the beginning of this year, the onshore and offshore RMB exchange rates against the US dollar
On September 27, the RMB against the US dollar mid-price was 7.0722, a 424-point drop, setting a new low since June 30, 2020.
Since the beginning of this year, the RMB exchange rate against the US dollar has fallen by more than 12.5% in both the onshore and offshore markets. On September 5 and September 26, the central bank announced that it would lower the reserve ratio of financial institutions' foreign exchange deposit by 2 percentage points and raise the reserve ratio of forward foreign exchange risk for foreign exchange sales business from 0 to 20%.
Huatai Securities pointed out that as the US dollar index may continue to rise in the short term, the adjustment of the foreign exchange risk reserve ratio will help alleviate the pressure of RMB depreciation, but it may be difficult to change the short-term trend of the RMB exchange rate.
Tianfeng Securities pointed out that the central bank raised the foreign exchange risk reserve rate and conveyed a signal of stabilizing the exchange rate. The monetary policy is still dominated by me. The rapid strengthening of the US dollar has intensified the fluctuations in the exchange rate market. The central bank raised the foreign exchange risk reserve rate, which still belongs to the scope of using market-oriented tools to deal with it. Moreover, the central bank evaluated that the RMB exchange rate performed relatively soundly. The institution predicted that the central bank would continue to pay attention to the RMB exchange rate, but the domestic economy is currently facing multiple pressures, and the tone of monetary policy focusing on me is clear.