Globalization of RMB Has Become A Joke! Offshore RMB Is Out of Control as Economic Recession

Globalization of RMB Has Become A Joke! Offshore RMB Is Out of Control as Economic Recession

Globalization of RMB Has Become A Joke! Offshore RMB Is Out of Control as Economic Recession

Since the beginning of May, the Renminbi exchange rate has been on a consistent downward trend. On May 17th, it broke through the integer threshold of 1 US Dollar to 7 Renminbi. By June 30th, the US Dollar to Offshore Renminbi exchange rate was approaching 7.27. A new low since November 2021. Since the start of the year, the onshore Renminbi has depreciated by about 4 percent against the US dollar, and the offshore rate has fallen by approximately 4.5 percent. Trang Thuy Le, an emerging markets foreign exchange strategist at Macquarie Group, suggests that according to the Renminbi's real effective exchange rate against a basket of currencies from the Bank for International Settlements (BIS), the Renminbi is essentially at its lowest level since 2014.