The RMB Exchange Rate Fell Sharply To Break 7

- Aug 06, 2019-

In the morning of August 5, the onshore and offshore RMB exchange rate against the US dollar fell sharply by a thousand points, both of which fell below the 7-yuan mark, setting a new low for this round. Wind data shows that as of 11:30 on the 5th, the onshore RMB against the US dollar is as low as 7.0424 yuan, and the offshore RMB against the US dollar is as low as 7.1057 yuan. On the 5th of August, the central parity of the RMB against the US dollar was lowered by 229 points, set at 6.9225 yuan, not only the adjustment range was large, but also directly fell below the 6.9 yuan mark. If you observe historical data, you will find that in the round of adjustments from May to June this year, the central parity of the RMB against the US dollar has never fallen below 6.9 yuan, and the last pass before the 7 yuan has become a veritable defense.


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