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The offshore RMB exchange rate fell below 7.1

The offshore RMB exchange rate fell below 7.1

Oct 10,2022

On September 21, local time, the US Federal Reserve announced that it would raise the target range of the federal funds rate by 75 basis points to between 3% and 3.25%. This is the Fed's fifth rate hike this year and the third consecutive 75 basis point hike, the largest intensive rate hike since 1981. Fed Chairman Jerome Powell said at a news conference that in order to pull inflation back to 2% and remain stable, the Fed will work to raise interest rates and keep them high until inflation falls. On the afternoon of September 21, the offshore yuan fell sharply against the US dollar, and the offshore US dollar broke through 7.1 against the yuan in the intraday, setting a new low since June 2020, falling 260 points during the day. Market participants said that it is expected that the short-term dollar will continue to be strong, posing a certain pressure on non-US currencies, and the depreciation pressure of the RMB exchange rate will not decrease, but due to the greater depreciation of other non-US currencies, the RMB will remain strong against a basket of currencies, and the risk of sharp depreciation is not high, and it is necessary to pay close attention to the trend of the domestic central bank in the near future. It is recommended that small partners pay attention to the information on the foreign exchange reserves and foreign exchange policies of the customer's country to avoid the risk of collection 

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