The exchange rate of the RMB in the shore and offshore continued to decline significantly, and it fell below 7.2 for the first time since February 2008.
According to the surging news report, data from the China Foreign Exchange Trading Center shows that on Wednesday (September 28), the RMB's intermediate price of the US dollar was reported at 7.1107, down 385 points.
After the middle price is released, more of the offshore RMB exchange rate that reflects international investors' expectations will fall below the 7.2 mark, and then further falls below the 7.21 and 7.22 mark, and the daily decline will exceed 400 points.
It is also weak in the shore market.At 9:30 on September 28th, the RMB directive exchange rate opened at 7.18, and then fell below the 7.20 mark, which fell more than 400 basis points from the previous day. Wind data showed that this is the first time since February 2008 that has fallen below this barrier.
According to Bloomberg, the rapid depreciation of the RMB triggers external speculation that the People's Bank of China will slow down the pace of currency looseness to avoid further pressure on the RMB.
Analysts of CITIC Securities and Tianfeng Securities believe that the sharp decline in RMB means that the People's Bank of China may postpone any stimulus measures, such as reducing bank deposit reserve ratios.
Bloomberg reported that the government intends to boost the impact of the Chinese economy and the property market crisis, but its efforts may be further complicated due to the decline in the RMB exchange rate.
Since the beginning of this year, the middle price of the RMB has fallen 11.53%, and the offshore market has fallen by 13.4%.
