The peak of foreign exchange purchases by overseas listed companies has reached the market, and the market needs to be alert to the risk of RMB exchange rate correction

Summary

[The peak of foreign exchange purchases by overseas listed companies has reached the market, and the market needs to be alert to the risk of RMB exchange rate correction]As of the close at 16:30 yesterday, the onshore RMB exchange rate against the US dollar closed at 6.3872, a depreciation of 113 basis points from the previous day. This has been the depreciation of the RMB exchange rate for two consecutive days, with a total drop of 265 basis points over the two days. Yesterday, the central parity of the RMB against the US dollar depreciated by 201 points from the previous trading day. This is the first reduction in the central parity of the renminbi against the US dollar since May 24. Market participants said that the continuous decline of the RMB exchange rate was due to the continued influence of the central bank’s policy of increasing the foreign exchange deposit reserve ratio; on the other hand, yesterday, overseas listed companies paid large dividends to purchase foreign exchange, which put the RMB under pressure. (Shanghai Securities News)

As of the close at 16:30 yesterday, the onshore RMB exchange rate against the US dollar closed at 6.3872, a depreciation of 113 basis points from the previous day. This has been the depreciation of the RMB exchange rate for two consecutive days, with a total drop of 265 basis points over the two days. Yesterday, the central parity of the RMB against the US dollar depreciated by 201 points from the previous trading day. This is the first reduction in the central parity of the renminbi against the US dollar since May 24.According to market participants, the RMB exchange rate has continued to fall, partly because the central bank has increased foreign exchange rates.Deposit reserveThe impact of the rate policy continues to ferment; on the other hand, yesterday there were large-scale overseas listed companiesDividendsThe renminbi is under pressure due to the purchase of foreign exchange.

(Source: Shanghai Securities News)

(Editor in charge: DF118)