On October 21, the spot exchange rate of RMB against US dollar fell below the 7.24 and 7.25 marks in session, and closed at 7.2494 at 16:30, down 117 basis points from the previous trading day.
This closing price broke through the previous low of the depreciation of the RMB exchange rate against the US dollar (closed at 7.2458 on September 28), setting a new low since mid-January 2008.

This week (October 17-21), the spot exchange rate of RMB against the US dollar fell by 563 basis points. At the same time, the RMB mid-price against the US dollar remained stable, with a cumulative decline of 98 basis points this week.
More offshore RMB exchange rate against the US dollar, which reflects the expectations of international investors, fell below the 7.27 mark again on October 21. As of press time, the lowest was as low as 7.2788.

"The US dollar rose under some hawkish speeches of Federal Reserve Federal Reserve officials who were determined to fight inflation. Although the mid-price is working hard to maintain stability, the RMB is still under pressure." A state-owned bank foreign exchange trader said.
USD index rose to 113.38 on October 21, an increase of more than 0.5% from the previous day. Philadelphia Fed Chairman Hack said on October 20 local time that rate hikes have little effect on controlling inflation, so the Fed needs more rate hikes.