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On-shore and off-shore renminbi-dollar exchange rates both fell below the "7" threshold
With the mid-price of RMB against US dollar coming out at 9:15 on August 5 breaking through 6.92, the offshore RMB against US dollar exchange rate, which reflects the expectation of international investors, immediately fell through the "7" threshold. After opening at 9:30, the spot exchange rate of RMB against US dollar also fell below the "7" psychological threshold.
The offshore renminbi-dollar exchange rate plunged sharply after the mid-price and depreciated to 7.0421 before the onshore market opened, down more than 600 points from the closing price of 6.9764 on the previous trading day and the opening price of 6.9778 today.