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How long can this wave of RMB trend last?
How long can this wave of RMB trend last?I still remember that 2 month ago, the RMB exchange rate rose to the "heart attack" of foreign traders - the onshore RMB reached a maximum of 6.3048 yuan on March 1, a new high since May 2018.
However, since the middle and late April, the RMB exchange rate against the US dollar has changed from the strength at the beginning of the year and walked out of a wave of rapid decline.
Since April 19, the RMB exchange rate has continuously fallen below multiple levels, falling more than 3000 basis points in half a month. On May 6, the offshore RMB exchange rate against the US dollar once fell below 6.73, and the onshore RMB exchange rate against the US dollar depreciated by more than 500 points during the day.
Throughout April, the depreciation rate of onshore RMB against the US dollar was 4.19%, and that of offshore RMB against the US dollar was 4.51%.
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