In July 9th, the offshore RMB exchange rate rose to more than 100 points against the US dollar. Meanwhile, the offshore RMB exchange rate rose nearly 200 points and was around 6.64. As of 9:35, the offshore and offshore RMB exchange rates were 6.6347, 6.6420 respectively.
On the same day, the central parity of RMB against the US dollar was depreciated by 57 basis points, 6.6393, and two days in a row.
People’s Bank of China senior research fellow should say that the renminbi is approaching the relative equilibrium level, and the future is more inclined to wide band two-way fluctuation rather than unilateral depreciation. Once the US dollar index weakens, the renminbi will resume its appreciation.