China's major state -owned banks reported on Wednesday (November 6) to sell US dollars on the shore foreign exchange market in the future of the foreign exchange market to prevent the RMB from devalue too quickly.
Reuters quoted the above news on Wednesday.
In the transaction of the morning, the exchange rate of the RMB against the US dollar fell more than 0.5%to 7.15, the lowest level since August 22.
The US presidential election is invoicing, and Republican candidate Trump leads, making RMB and Hong Kong stocks under pressure.According to Bloomberg, the exchange rate of offshore RMB against the US dollar fell by 1.2%, the largest decline since October 2022.
Trump promised voters that he will impose 60%or higher tariffs on goods from China.Trump's tariffs and tax policies are regarded as inflation policies, so it may cause US interest rates to remain high, and at the same time damage to the currency of trading partners.
