2023-08-08 08:55:00
With the rapid rise of the U.S. dollar index, the onshore yuan fell sharply once morest the U.S. dollar on Tuesday, hitting a new low in nearly three weeks at one point. China’s trade data in July further weakened, and the market was pessimistic regarding the CPI tomorrow morning, exacerbating the decline in the RMB exchange rate.
Updated August 8, 2023 at 19:20 CST
With the rapid rise of the U.S. dollar index, the onshore yuan fell sharply once morest the U.S. dollar on Tuesday, hitting a new low in nearly three weeks at one point.
China’s trade data in July further weakened, and the market was pessimistic regarding the CPI tomorrow morning, exacerbating the decline in the RMB exchange rate.
As of 16:30 Beijing time, data from the China Foreign Exchange Trading Center showed that the onshore renminbi was quoted at 7.2133 yuan to the US dollar, a drop of 213 points or 0.30% from yesterday’s official closing price of 7.1920 yuan.
According to Wind, the intraday highs and lows of the onshore renminbi once morest the U.S. dollar were 7.2004 yuan and 7.2223 yuan, the latter hitting a new low since July 19.
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With the rapid rise of the U.S. dollar index, the onshore yuan fell sharply once morest the U.S. dollar on Tuesday, hitting a new low in nearly three weeks at one point.
China’s trade data in July further weakened, and the market was pessimistic regarding the CPI tomorrow morning, exacerbating the decline in the RMB exchange rate.
As of 16:30 Beijing time, data from the China Foreign Exchange Trading Center showed that the onshore renminbi was quoted at 7.2133 yuan to the US dollar, a drop of 213 points or 0.30% from yesterday’s official closing price of 7.1920 yuan.
According to Wind, the intraday highs and lows of the onshore renminbi once morest the U.S. dollar were 7.2004 yuan and 7.2223 yuan, the latter hitting a new low since July 19.
As of 4:30 p.m. Beijing time, the offshore renminbi was quoted at 7.2279 yuan to the US dollar, down 0.34%, with a minimum of 7.2317 yuan, a new low since July 20.
Announced this morning, China’s exports and imports in US dollars in July expanded to 14.5% and 12.4% year-on-year, falling for three consecutive months and weaker than market expectations.
Meanwhile, analysts surveyed by The Wall Street Journal expect China’s CPI to fall from flat year-on-year in July, falling into deflation.
As for the U.S. dollar index, it rose 0.07% on Monday and is now up another 0.28%. Investors bet that high U.S. interest rates will remain for a longer period of time, and U.S. Treasury yields rose simultaneously on Monday.
In an interview with the New York Times on Monday, Williams, the No. 3 member of the Federal Reserve and President of the New York Fed, believed that the Fed needs to maintain a restrictive monetary policy for a period of time. At the same time, he pointed out that if inflation slows down, it may be necessary to cut interest rates next year.
This morning, the central parity rate of RMB once morest the U.S. dollar was quoted at 7.1565 yuan, a depreciation of 185 basis points.
(This article is from Dow Jones Chinese Financial News)
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