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For some time now, the RMB has depreciated sharply against the US dollar, causing widespread concern. Since August 15, the exchange rate of the RMB against the U.S. dollar has been declining. After mid-September, the offshore and onshore RMB against the U.S. dollar successively depreciated to below the 7.0 mark.
On September 28, the offshore and onshore RMB against the U.S. dollar fell below the 7.25 and 7.24 thresholds, the lowest levels since 2008 and 2010, respectively. In September, the onshore and offshore RMB exchange rates against the US dollar depreciated by 4.4% and 4.8%, and the RMB has fallen by about 12% against the US dollar this year.
Most analysts believe that the decline in the exchange rate of the RMB against the US dollar is caused by the strength of the US dollar. The U.S. dollar continued to raise interest rates sharply, causing the U.S. dollar to return to the United States, the dollar liquidity in the international market was tight, the U.S. dollar index rose rapidly, and the global non-U.S. currencies all depreciated sharply. Compared with other international mainstream currencies such as the euro, the pound, the Japanese yen, and the Korean won, the depreciation of the RMB is the smallest.
In today's complex and turbulent international situation and the global economy is facing recession, the steady growth of China's economy is the only bright spot in the struggling world economy, and the only certainty amid various uncertainties.
Compared with the economic trends of China and the United States, China's export growth and total foreign exchange reserves, the RMB has depreciated significantly against the US dollar, and the RMB will still be under certain pressure in the short term; The stability and growth of China's economy has more significant advantages, so the RMB should not be regarded as equal to currencies such as the euro and the yen.
In the current complex situation of increasingly fierce competition among major powers and accelerated evolution of international changes, it is in the national strategic interest to maintain the stability of the RMB exchange rate or even a certain degree of strength.
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