Although the RMB mid-price against the US dollar has maintained stability, under the influence of the strong pull-up of the US dollar index , the RMB spot exchange rate against the US dollar spot exchange rate fell sharply for two consecutive trading days.
On October 11, the spot exchange rate of RMB against the US dollar continued to fall after opening, falling below the 7.19 mark at one point. Wind showed that it once fell to 7.1968 during the session, a drop of more than 500 basis points from the previous trading day.
01011 RMB against US dollar spot exchange rate trend chart (Source: China Currency Network)
More offshore RMB exchange rate against US dollar that reflects the expectations of international investors on October 11 fell below the 7.16, 7.17, 7.18 and 7.19 marks intraday.
On October 11, the US dollar index rose above 113, climbing to 113.40.
Although the RMB fell by more than 500 points in the onshore market on the previous trading day, the RMB mid-price against the US dollar fell slightly today.
Data from the China Foreign Exchange Trading Center showed that on October 11, the RMB mid-price against the US dollar was 7.1075, a depreciation of 83 basis points. The spot exchange rate of RMB against the US dollar closed at 7.1440 on the previous trading day at 16:30.
Guosen Securities pointed out in its latest research report that, looking forward to the situation, under the interweaving of long and short factors, the RMB exchange rate may present a "top with top and bottom with bottom" pattern this year, with the new fluctuation center located near 7.0. The pressure on the depreciation of the RMB exchange rate will continue this year, especially as expectations of recession in the United States and Europe increase, the impact on my country's foreign trade may intensify.
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