2024-01-16 13:56:57
[The Epoch Times, January 16, 2024]The strength of the US dollar and the sluggish Chinese economy have put significant pressure on the RMB. On January 16, the onshore RMB closed down 117 points at 7.1838, a new low since November 17, 2023. The offshore price weakened rapidly in the short term and fell below the 7.2 mark, a new low since November 20, 2023.
On January 16, the onshore RMB opened at 7.1789 and closed at 7.1838 once morest 1 US dollar, down 117 points, and reached a low of 7.193 during the night market trading session; the offshore RMB opened at 7.1841, and the offshore price fell below the 7.2 once morest 1 US dollar mark, with an intraday decline It exceeded 300 points and reported 7.210 points.
The People’s Bank of China authorized the China Foreign Exchange Trade Center to announce that the central parity rate of the RMB exchange rate in the inter-bank foreign exchange market on January 16 was: 1 US dollar to RMB 7.1134 yuan. The central parity rate on the previous trading day was 7.1084 yuan, a single-day decrease of 50 basis points. This is also the lowest depreciation point of the RMB central parity rate since December 23, 2023.
Some traders pointed out that the market continues to speculate on the pace of the Federal Reserve’s interest rate cuts, and the U.S. index has rebounded once more. Coupled with concerns regarding the upcoming release of China’s sluggish economic performance in the last quarter and last year, the yuan has been put under pressure. The market is paying close attention to China’s economic data to be released on the 17th.
Editor in charge: Xia Song
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