The renminbi has fallen again against the U.S. dollar: China’s currency was reported yesterday at 6.5905 RMB to 1 U.S. Dollar. This is a new low for 2016, and a drop of about 120 points for the renminbi.
The offshore renminbi has also declined, and is now listed at 6.5950 RMB to 1 U.S. Dollar. This is down 80 points from the previous day’s market session in New York.
Today, the renminbi’s central parity rate is down 99 points, a record low since February 2011. The renminbi’s central parity rate is the rate that it trades against the U.S. dollar. The central parity rate was last recorded at 6.5889 RMB. Yesterday the rate was 6.5790 RMB in the morning, 6.5846 RMB in the afternoon, and 6.5783 RMB at close.
The central parity rate of the renminbi to the U.S. dollar has reached five succeed lows over the past week. This has triggered concern over the devaluation of the RMB.
Source: inews.qq.com
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Keywords: central parity renminbi RMB
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