On August 14, the onshore renminbi opened lower against the US dollar by more than 100 points, breaking through the 6.89 mark; the offshore renminbi exchange rate against the US dollar oscillated back and forth, oscillating around 6.89. As of 9:39, onshore and offshore RMB against the US dollar were reported at 6.8903 and 6.8950 respectively.
The central parity of the RMB against the US dollar was set at US$6.8695, down 66 points, and the lowest value since May 26, 2017.
Earlier, the offshore RMB against the US dollar fell again below the 6.9 mark in early trading.
In the morning of August 1 (August 13), Turkey’s “black swan” continued to spread, impacting emerging market financial markets, and the decline in emerging market currencies.
Recently, with the rapid depreciation of the RMB exchange rate, the central bank re-adjusted the foreign exchange risk reserve to 20% on August 3, and then convened 14 major commercial banks on August 6 to require banks to jointly maintain the stability of the RMB exchange rate.
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