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