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The RMB Fell Below The 6.32 Mark. Opportunities And Threats Under The Devaluation

Apr 26, 2018

Recently, in the context of high-level worries about economic downturn and loose liquidity, the renminbi has hit a new low in recent days, and the market is worried that the renminbi may brewing a new round of depreciation!

As of press release on Wednesday, both offshore renminbi fell below the 6.32 mark. Among them, the intra-shore renminbi fell by nearly 0.36% to 6.3262, while the offshore renminbi plunged by nearly 0.44% to 6.3256.

The industry believes that under the downward pressure on the economy, if the renminbi depreciates sharply, the assets denominated in the renminbi will have a negative impact. However, as an export-oriented economy and a big exporter, the devaluation of the renminbi is beneficial to the export of enterprises, and textiles, shipping, chemical and other enterprises may benefit. At the same time, there are also views that the best way is still to buy assets denominated in dollars, and in the context of the Federal Reserve’s interest rate hike cycle, dollar assets still have a lot of upside.

It is worth noting that under the continuous purchase of funds, the U.S. dollar index has recently successfully broken through the consolidation range for the last three months or so, and stood at the 91st mark on the preliminary stage. At the same time, the US-China trade war has warmed up in the early stage. The skyrocketing gold and silver began to fall sharply in recent days, and all the previous gains were taken away in one fell swoop. London silver once fell by more than 1.3% during the day, as the market’s expectation of a four-time rate hike by the Fed during the year climbed to 49.5% from 33.4% at the end of March.

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