This holiday has confused foreign trade people.
While everyone was celebrating the “Double Festival”, the offshore RMB appreciated quietly but rapidly, once reaching a new high since April last year!
Obviously on September 30, the offshore RMB exchange rate against the US dollar was still 6.82, and after only a few days of holiday, it broke 6.73 on October 6! ! !
Data at 7 pm on October 6
In fact , the onshore RMB-USD exchange rate also rose sharply in night trading on September 30, closing at 6.7990 yuan that day, an increase of 159 basis points from the previous trading day (September 29), and a cumulative increase of 230 basis points in the last week of September.
After the domestic foreign exchange market closed, the offshore RMB exchange rate against the US dollar opened at 6.7836 on October 1, and subsequently rose above the 6.78, 6.77, 6.76, 6.75 and 6.74 levels, rising 353 basis points that day.
On October 2, the offshore RMB was quoted at 6.7528 yuan, down 36 basis points from the previous trading day. That week, the offshore RMB rose by a total of 706 basis points, with a weekly increase of 1.03%!
Foreign traders who were on holiday were going to be driven crazy by this wave of gains. On October 9, after the onshore RMB opens, I wonder what it will be like…
Explain that offshore RMB (CNH) refers to RMB traded outside China, and onshore RMB (CNY) It refers to the RMB traded within mainland China.
Since the offshore market is unregulated and reacts more strongly to data, especially economic data that exceeds expectations, there is a price difference between offshore RMB and onshore RMB, but information or confidence channels will cause the two places to exchange rate convergence.
In the third quarter that just passed, the exchange rate of the RMB against the US dollar increased by 3.71%, which was the largest quarterly increase since the first quarter of 2008. If calculated from the low point on May 28, the RMB has appreciated by more than 6% in less than 5 months.
It is too difficult for foreign trade people this year.
How are you? Was the foreign exchange settled at 6.82? </p
