On August 3rd, the Shanghai Stock Exchange opened an open exchange of RMB against the US dollar over 300 points, breaking through the 6.86 pass, while the offshore RMB was oscillating against the US dollar near 6.88. As of 9:38, the offshore and offshore RMB against the US dollar were 6.8684 and 6.8823 respectively.
On the same day, the central parity of RMB against the US dollar was derogated by 380 basis points, to 6.8322.
Foreign exchange analysts believe that the recent trend of RMB exchange rate is mainly influenced by the US dollar. The US dollar remains strong in the short term while the Fed keeps raising interest rates, and other non-US currencies should show a weaker trend. In the medium to long term, the US dollar will weaken from a high, mainly because other money markets still have room for further tightening of monetary policy. As the dollar narrowed with other currency spreads, the $6 to 12 month dollar may be slightly weaker; after third seasons, the entire non US currency, including emerging markets, may have a more visible rebound.