As the dollar index once again hit a 20-year high, the RMB exchange rate against the US dollar fell sharply in the onshore and offshore market .
On September 28, the spot exchange rate of RMB against US dollar fell below more than 7.18, 7.19, 7.20, 7.21, 7.22 and 7.23 intraday. As of press time, the lowest intraday was as high as 7.2317, a drop of more than 700 points.
More offshore RMB exchange rate against the US dollar, which reflects the expectations of international investors, fell below the 7.18, 7.19, 7.20, 7.21, 7.22, 7.23 and 7.24 marks intraday. As of press time, it fell to 7.2447 at the lowest level.
On September 28, the US dollar index once surged to 114.79, with a cumulative increase of more than 19% this year.
China Securities pointed out that the recent Fed continuous hikes have caused the US dollar index to soar, and non-US currencies generally depreciate significantly compared with the US dollar. Among them, the RMB exchange rate is relatively strong compared with other countries, and the depreciation of currencies in major developed countries such as the euro, the pound and the yen is even more exaggerated. Since the Fed's interest rate hike in has not yet confirmed the end of the cycle, the fundamentals of the European economy are relatively weak, and it is not ruled out that the US dollar index will continue to rise in the future. The differentiation of monetary policies between China and the United States has also deepened the inverted interest rate spread between China and the United States.
Since the beginning of this year, the RMB exchange rate against the US dollar has fallen by more than 13% in both the onshore and offshore markets. In order to stabilize foreign exchange market expectations and strengthen macro-prudential management , the central bank announced on September 5 and September 26, respectively, lowering the reserve ratio of foreign exchange deposit for 2 percentage points and raising the reserve ratio of forward foreign exchange sales business for the foreign exchange risk business from 0 to 20%.
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-