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The exchange rate of RMB has risen 300 points in 7 days

Original title: Offshore RMB exchange rate recovery '7' gate

At around 15:46 on November 5, the offshore RMB exchange rate against the U.S. dollar rose to 7 levels, with a minimum of 6.9997 and a daily appreciation of more than 300 basis points.

In the early morning of August 5, the exchange rate of RMB against the U.S. dollar lost 7% both in the onshore and offshore markets, which was once considered as an important psychological barrier of RMB against the U.S. dollar.

In the next few trading days, the offshore RMB exchange rate against the US dollar fell through several checkpoints to around 7.10.

On the evening of August 13, the offshore RMB rose sharply against the US dollar from 7.09, breaking the 7.09, 7.08, 7.07, 7.06, 7.05, 7.04, 7.03, 7.02, 7.01 and 7 pass successively, reaching a maximum of 6.9980, more than 1000 points higher than the closing of the previous trading day.

In the three months after falling below the '7' level, the offshore RMB exchange rate reached the lowest level of 7.20 against the US dollar.

However, with changes in the external environment such as the Fed's interest rate cut, the exchange rate of RMB against the US dollar has gradually recovered in the onshore and offshore markets.

Wang Chunying, spokesman of the State Administration of foreign exchange, was also confident in looking forward to the next cross-border capital flows at the balance of payments press conference in the third quarter.

'recent data changes fully show that China's foreign exchange market is more mature and market players are more rational. For example, in recent months, after the RMB exchange rate volatility has increased, the market main body has been "settling exchange at a high level and buying exchange at a low level", which plays a role in regulating the supply and demand of foreign exchange, stabilizing exchange rate volatility and promoting market stability. In addition, although the external environment is still very complex, we can also see some positive factors from it. For example, monetary policy in the international market is generally loose, domestic and foreign interest rates have been maintained at a relatively moderate level, and China US economic and trade negotiations continue to be promoted, all of which are favorable and positive factors for the market. 'said Wang Chunying.