Onshore RMB exchange rate is in its lowest level for six years

rmbAfter RMB joining SDR, the CNY exchange rate started to decline and by 20:00 on 11th Oct, the rate is below 6.71. PBoC claims this decline after Nationanl Holiday is probably because of a serious of news happened during seven days. JPY increased, Britain left EU agenda was made. However, PBoC still think this decline is normal since the devaluation of RMB is less than other emerging economic entities.

Photo from wallstreetcn.com

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