On February 27, the central parity rate of RMB against the US dollar was lowered by 630 basis points to 6.9572, the lowest since December 30, 2022, and the single-day depreciation was the largest since May 6, 2022. It is worth noting that since February, the central parity rate of the RMB has been reduced by 1968 basis points.
In terms of spot exchange rates, on the 27th, the exchange rate of onshore and offshore RMB against the US dollar fell below the 6.95 mark. Among them, the onshore RMB once fell by more than 200 basis points within a day, and the offshore RMB fell by more than 390 basis points within a day, approaching the 6.99 mark. Pass, hit a new low this year. As of 19:30 on the 27th, Beijing time, the exchange rate of the onshore RMB against the US dollar was reported at 6.9501, and the exchange rate of the offshore RMB against the US was reported at 6.9689.
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