Renminbi reports strongest surge, U.S. dollar continues to fall

2023-07-13 Editor : Li Yan ECNS App Download

Offshore renminbi jumped more than 460 basis points against the US dollar to 7.1665 when trading closed on Wednesday, reporting the strongest daily surge in a month, according to market tracker Wind Info.

The offshore RMB has rebounded strongly since July 6, showing gains of 950 basis points against the greenback in five trading days. The onshore RMB has also surged 450 basis points to close at 7.1650 on Wednesday, regaining the 7.2 mark.

On the other hand, the US dollar index has fallen by 1.92 percent since the beginning of July, with a noticeable daily slide of 1.06 percent.

Yi Gang, governor of the People's Bank of China, the country's central bank, wrote in an article recently published in the periodical Economic Research Journal that the elasticity of the RMB exchange rate has increased significantly over the past few years.

As China has placed more emphasis on the autonomy of interest rate policies amid the drastic interest rate changes among major world economies in recent years, the economic fundamentals of China are stabilized, which has formed support to a stable and resilient foreign exchange market, wrote Yi.


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