Reported 8 months ago
On June 20, 2024, the People's Bank of China guided the renminbi to depreciate against the US dollar by lowering the central parity rate by 33 basis points to 7.1192 yuan, marking a new low in seven months and causing both onshore and offshore prices to decline. Analysts believe that the slight loosening of the lower limit of the central parity by the People's Bank indicates a moderate depreciation trend for the renminbi. This move, while significant, does not signal a complete hands-off approach by the People's Bank. The renminbi is expected to continue facing pressure in the third quarter, possibly testing the 7.3 yuan threshold but remaining relatively stable.
Source: YAHOO