Recently, the renminbi continued to depreciate. The exchange rate of the renminbi against the U.S. dollar in the onshore market hovered around 7.2855, hitting an intraday low of 7.2899 at one point.
Industry insiders said that the offshore RMB exchange rate fell below the 7.3 integer mark, mainly due to internal and external factors. Externally, the U.S. interest rate hike led to a stronger U.S. dollar, attracting a large amount of capital to flow into the U.S., putting pressure on the renminbi. Moreover, the global economic growth is sluggish, and many countries have adopted loose monetary policies, resulting in a relatively stronger RMB.
