The RMB exchange rate against the US dollar fell below the 7.2 threshold for the first time since February 2008

The exchange rate of onshore and offshore RMB against the US dollar continued to decline significantly.



According to the data of China Foreign Exchange Trading Center, on September 28, the central parity rate of RMB against the U.S. dollar was 7.1107, down 385 points, a new low since June 2, 2020.



Since this year, the central parity rate of the RMB against the US dollar has fallen 11.53%.



After the middle price came out, the offshore RMB exchange rate against the U.S. dollar, which more reflected the expectations of international investors, immediately fell below 7.2, then further fell below 7.21 and 7.22, and fell more than 400 points within the day. As of press release, it was as low as 7.2279.

Since the beginning of this year, the RMB has fallen 13.4% against the US dollar in the offshore market.



The RMB exchange rate against the US dollar is also weak in the onshore market.



At 9:30 on September 28, the spot exchange rate of the RMB against the US dollar opened at 7.1800, and then fell below the 7.20 threshold, more than 400 basis points lower than the day before. Wind data showed that this was the first time that the RMB fell below this threshold since February 2008.