On April 29, after opening at 6.6080, the spot exchange rate of the RMB against the US dollar fell below the 6.61, 6.62, 6.63, 6.64 and 6.65 marks, depreciating by more than 300 basis points. As of press time, the lowest depreciation was to 5.6520, setting a new low since Novembe

Pengpai News reporter Chen Yueshi

RMB exchange rate against the US dollar in the onshore and offshore market is still falling.

On April 29, after opening at 6.6080, the RMB against the US dollar spot exchange rate fell below the 6.61, 6.62, 6.63, 6.64 and 6.65 marks, depreciating by more than 300 basis points. As of press time, the lowest depreciation was to 5.6520, setting a new low since November 2020.

More reflecting the offshore RMB exchange rate against the US dollar, which reflects the expectations of international investors, fell below the 6.66, 6.67, 6.68 and 6.69 marks on April 29, with an intraday low of 6.6929, with an intraday drop of more than 300 basis points, also hitting a new low since November 2020.

As the expectations of Federal Reserve hike rate and balance sheet reduction strengthened, the upward momentum of US dollar index remained unabated, and it once rose above 103.82 on April 28, setting a new high since December 2002. Since April, the US dollar increase has reached 6.6%.

Editor in charge: Zheng Jingxin Photo editor: Zhang Tongze