The onshore and offshore RMB exchange rates both fell below the 7.1 mark, the central bank may once once more try to stabilize the exchange rate
At noon yesterday, the onshore RMB/USD exchange rate fell below the 7.1 mark, continuing to hit a new low in June 2020. On the morning of September 22, the exchange rate of the offshore RMB once morest the US dollar fell below the 7.1 mark, which also continued to hit a new low since June 2020. On the news, the Fed’s September rate meeting released a more-than-expected hawkish signal. In addition to raising interest rates by 75 basis points as scheduled, it lowered its GDP growth forecast for 2022-2024 and raised inflation, unemployment and policy interest rate forecasts, suggesting that follow-up monetary policy will continue. tighten.
Wang Qing, chief macro analyst at Dongfang Jincheng, said that looking forward, in the short term, the US dollar will continue to run strongly for a period of time due to the continuous sharp interest rate hikes by the Federal Reserve and the demand for safe-haven driven by geographical factors. This means that the RMB will still have a passive depreciation momentum once morest the US dollar by the end of the year, and the possibility of further depreciation to the range of 7.2 to 7.3 cannot be ruled out, but this does not mean that the RMB is substantially weak or that exchange rate risks are rising. The short-term depreciation of the RMB once morest the U.S. dollar will not form an important constraint on the flexible adjustment of domestic macro policies, and measures to stabilize growth will be introduced in due course.
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Source: City Express Author: Editor: Zheng Haiyun
